Happy Friday, readers! Another fast-paced week of news on was dominated by discussion of the future of the DOL fiduciary rule—and yet there is only a little more certainty now than we had on Monday. Following a court victory for the rulemaking in Texas, the latest development is that DOL submitted paperwork to the OMB to commence its own regulatory review related to the fiduciary rule, as ordered by the newly installed president. The content of the paperwork is not yet public, but rumors are swirling that a 180-day delay is being sought. Get all the latest industry insights below.
A Texas district court judge has rejected industry arguments that the DOL exceeded its authority in crafting the forthcoming fiduciary rule—what this spells for the regulation’s future under the Trump administration is unclear.
Read more >
The latest results of the Fidelity Advisor Investment Pulse survey show advisers continue to focus on implementation of new fiduciary controls across different elements of their practices.
Read more >
Their concerns are that small businesses will be discouraged from offering retirement plans to employees, and that employees put into state-run plans will not have the protections of ERISA and will have limited control over their retirement savings.
Read more >
A new publication from the SEC outlines the five most frequent compliance topics identified in deficiency letters sent to SEC-registered investment advisers.
Read more >
The Pension Analytics Group says the act would only temporarily mask the deficits, as opposed to reducing them and that the only solution is to reduce benefits across the board.
When the SEC adopted the new Rule 30e-3 earlier this year, creating a new system for electronic delivery of fund information, it also established a transition disclosure period that starts in January, during which "funds that choose to implement the new delivery method for shareholder reports provide prominent disclosures in prospectuses and certain other shareholder documents that will notify investors of the upcoming change in transmission format.”
