The BizKid$ T.V. show, the industry-funded financial education production on the Public Broadcasting Network, has been nominated for two daytime Emmys from the National Academy of Television Arts & Science. Winners will be announced at an August ceremony. Officials of the National Credit Union Foundation and the Washington Credit Union League, major backers of the telecast, expressed delight at the honor, which they said recognized "the innovative contribution to financial literacy education" by CUs. The show, financed through contributions from hundreds of CUs across the U.S. and the NCUF and which has been broadcast during 2009 on more than 350 PBS stations, received the Emmy nods in two categories, graphic design and camera editing. Gary Oakland, president/CEO of BECU in Seattle and one of BizKid$ biggest boosters, said in a statement that a reason for the telecast's success so far "is that it is more than just a show. After three years of support, credit unions can proudly say that Biz Kid$ has achieved everything that we had hoped: a quality TV series, companion classroom curriculum, a strong outreach program and a rising popularity. It is a complete financial education tool."

Investment Advisers Under the Microscope

The Securities and Exchange Commission has proposed a list of protections that aim to scrutinize how and if investment advisers are handling their clients' assets properly. One proposed amendment would require all registered advisers to undergo an annual "surprise exam" by an independent public accountant to verify those assets exist. An adviser would be required to disclose in public filings with the SEC, among other things, the identity of the independent public accountant that performs its surprise exam, and amend its filings to report if it changes accountants. The SEC is also seeking to require advisers to obtain a written report prepared by a public company accounting oversight board-registered and inspected accountant that would describe detailed controls for those clients whose assets are not held or controlled by a firm independent of the adviser. Unlike banks or broker-dealers, investment advisers generally do not have physical custody of their clients' funds or securities, the SEC said. Instead, client assets are typically maintained with a qualified custodian. The adviser still may have custody because the adviser has authority to withdraw their clients' funds held by the qualified custodian. The agency is currently accepting comments on its proposals.

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