Every empire throughout history divide society and turn everyone against their neighbor.
The SEC is dividing and conquering society turning those registered into financial rats whom, if they do not report on their clients, will go to prison.
A Registered Investment Advisor (RIA) is an advisor or firm engaged in the investment advisory business and registered with either the Securities and Exchange Commission (SEC) or state securities authorities. The definition of such a person is an individual or firm that offers personal guided investment advice.
There is a proposal from FinCEN, whereas a RIA will be required to monitor and REPORT any questionable activity of their clients under the Bank Secrecy Act. In other words, if your RIA suspects that you have an account you are hiding from the government, or have not paid your taxes (new definition of money laundering), they will be required under penalty of imprisonment to report you. They will be reporting anything over $3,000.
This will require advisers to monitor what you do in your own account. Historically, an RIA was not defined as a “financial institution” so there was no such requirement to report on their clients, as there was in a bank. The SEC is passing a rule that becomes a law with criminal penalties without Congress passing any such legislation. This is anti-Democratic and is really unconstitutional, but good luck on getting a judge to ever say that.
This is further closing the noose and strangling the economy; this will contribute to shrinking liquidity even further. This is all about ensuring that everyone is reporting on everyone else. This is hunting loose change everywhere. This is turning man against his brother until any structure of freedom is completely obliterated, for the motive is all because government is dead broke. Anyone who thinks we are wrong on our forecast had better start waking up and get their Wealth Preserver subscription.
This is just one more step toward annihilating all our freedoms and we should expect this to start with the turn in the big bang coming in the September/October time frame.
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.