1. Introduction

This guide provides an overview of the key legal considerations for financial planning and Registered Investment Advisor (RIA) firms operating within their respective countries.

We'll cover the regulatory frameworks, licensing requirements, compliance obligations, and other important legal aspects for firms in the United States, United Kingdom, Canada, Singapore, Australia, New Zealand, South Africa, and India.

2. United States

2.1 Regulatory Framework

• Primary regulator: Securities and Exchange Commission (SEC)
• Key legislation: Investment Advisers Act of 1940, Dodd-Frank Act

2.2 Licensing and Registration

• RIAs managing over $110 million: SEC registration
• Smaller firms: State securities regulator registration
• Requirements:
  • Form ADV filing
  • Designation of Chief Compliance Officer
  • Written policies and procedures
  • Code of Ethics

2.3 Fiduciary Duty

• RIAs have a fiduciary duty to act in clients' best interests
• Includes duty of loyalty and duty of care

2.4 Compliance Requirements

• Record keeping: Maintain records for at least 5 years
• Annual Form ADV updates
• Custody rules for client assets