Products December 10, 2010

Beacon Hill Offers Compliance Module for ADV Part 2

Beacon Hill Fund Services has developed a compliance consulting module for registered investment advisers (RIAs) for form ADV Part 2 amendments. 
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The compliance module was designed to assist advisers in complying with the new SEC requirements pertaining to Form ADV Part 2 Amendments, Beacon Hill announced.

“Our industry experience as well as the practical implementation of this new requirement for our existing Chief Compliance Officer clients makes Beacon Hill an effective solution for advisers who may require assistance with the new regulations,” said Scott Englehart, President of Beacon Hill Fund Services, Inc. “Our compliance module offers advisers several levels of assistance, tools and resources to ensure best practice compliance for the advisor and its applicable products.”

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The SEC this summer voted to adopt changes to the Form ADV, Part 2, the principal disclosure document that SEC-registered investment advisers must provide to their clients and prospective clients (see “SEC Votes to Change Form ADV“).

Compliance December 10, 2010

Company President Ordered to Repay Loans

The U.S. Department of Labor is ordering Barstow Truck Parts and Equipment Co. President, James M. Rajacich Sr., to restore $118,249 to the company’s profit-sharing plan.
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The agreement resolves allegations by the DoL that Rajacich failed to repay $70,000 in participant and plan loans taken out of the plan in 1997. According to a DoL news release, Rajacich, who serves as a fiduciary of the plan, forfeited his own benefits from the plan as part of the settlement.    

The total amount to be restored to the plan includes the unpaid loan amounts, interest and loss of earnings that the $70,000 would have been expected to earn since 1997. The DoL is also assessing a civil money penalty of $23,650.   

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“It’s critical that employers realize the money in employee benefit plan accounts isn’t there for personal or business use. It’s there for the employees to use in their hard-earned retirements,” said Crisanta Johnson, EBSA’s regional administrator in Los Angeles, in the press release.

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