Happy Friday, readers! This week brought the appointment of a new Chair at the Securities and Exchange Commission, Jay Clayton. Under the outgoing chair’s leadership the SEC took a more direct and aggressive role in policing the retirement investment marketplace. It remains to be seen what approach Clayton will take as chair, but it stands to reason that, as a Republican-appointed official, he will be more laissez faire in his approach to government intervention in the client-adviser relationship. Stay with www.planadviser.com for the latest coverage of SEC, DOL, FINRA and more.
President Donald Trump nominated Clayton on January, 20, 2017, and he was confirmed by the Senate on May 2. The nomination by President Trump sends a clear signal to advisers about the likely style and character Clayton will bring to the Commission, especially compared with the ostensibly aggressive approach outgoing Obama-era Chair Mary Jo White brought to the role.
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The Securities and Exchange Commission is proposing a new rule and rule amendments under the Investment Advisers Act of 1940 aimed at bolstering advisory industry succession planning.
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SEC staff intends to revamp focus on registered investment advisers and broker/dealers selling investment products to retail investors and retirement savers.
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A new publication from the SEC outlines the five most frequent compliance topics identified in deficiency letters sent to SEC-registered investment advisers.
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The Securities and Exchange Commission has given several signs that it could soon introduce a uniform standard of client care for registered brokers and advisers.
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The number of Department of Labor investigations of financial advisers has steadily increased over the years; here is a primer on the DOL’s sources of authority, and what to expect when examiners come knocking.
