Investment Advisor Codes of Ethics

Rule 204A-1 of the Securities and Exchange Commission, adopted pursuant to the Investment Advisers Act of 1940, requires implementation of codes of ethics by investment advisers. Each adviser's code of ethics must include a standard of conduct and must require compliance with federal securities laws. The codes also must require that investment adviser employees must report their personal stock transactions, and copies of the codes must be made available to clients of the investment advisor.

Record Retention Requirements for Securities Brokers and Dealers

Brokers and dealers engaging in securities transactions are required to maintain various records for varying periods under Securities and Exchange Commission rules. For example, "blotters" reflecting all purchases and sales of securities must be retained for six years. Copies of sale or purchase confirmations must be kept in an easily accessible place for two years and then for an additional year thereafter.

Business & Corporate Entities> Corporations> Directors & Officers> Management Duties & Liabilities

(Sources of Document Retention Requirements)

Arbitration of Securities Disputes

Although persons may not be required to arbitrate rather than litigate their claims, they may by contract agree to arbitrate any claims that arise under the contract.

Articles of Incorporation and Bylaws

Bylaws are written provisions describing how day-to-day operations of a corporation will be conducted. A corporation's activities are governed, in order of precedence, by statute, corporate charter, and bylaws.