In order to meet BICE requirements, the financial
institution is required to maintain a Web Site, freely
accessible by the public which must be set forth the following:
A discussion of its IRA business model(s) along
with a discussion of the inherent material conflicts
of interest, if any.
A schedule of typical fees and service charges.
A copy of a model contract along with required
disclosures. Such must be reviewed quarterly and
if applicable, updated within 30 days. It is also possible
to set forth a notice describing the contractual
terms rather than the contract.
A written description of the financial institution's
policies and procedures relating to conflict mitigation
and incentive practices so an IRA owner is
able to determine how seriously the financial institution
is to guard against conflicts of interest.
A list of third parties with whom the financial institution
has business arrangements that result in third
party payments being made to the financial institution
or its advisers for recommending investments
to the IRA owner. In addition, the financial institution
must furnish a statement setting forth what it
furnishes the third party in exchange for the third
An explanation of the financial institutions policies
for paying compensation and other incentive
arrangements to its advisers for: (i) recommending
the investments being sold by a specific third parry,
(ii) recommending specific investments of a specific
third party or for an Adviser to move from another
financial institution to the financial institution or
for an Adviser to stay with the financial institution
and full and fair description of any payout of compensation
grids. There is no requirement to set forth
information for any individual adviser.