PLANADVISER Weekend Newsdash
Week ending June 2nd, 2017
NOTE FROM THE EDITOR
Happy Friday, readers! This week brought another interesting development in the ongoing saga that is the implementation of the Department of Labor’s strict new fiduciary rule, in the form of a statement issued by new SEC Chair Jay Clayton. The messaging seems to indicate that DOL and SEC remain interested in improving protections for retail and retirement investors—despite the Trump administration’s anti-regulatory rhetoric. Find our full coverage and helpful context below.
Editor's choice
SEC Chair Clayton’s Recent Fiduciary Comments Are Revealing
The SEC chair issued only a brief statement on his intention to work with DOL officials on reforming conflict of interest regulations—but his language is revealing. Read more >
Mandatory RIA Succession Planning in the Works at SEC
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. Read more >
Bill Would Encourage More Employee Stock Ownership
The legislation would reform the Securities and Exchange Commission Rule 701, which imposes a slew of regulations on small businesses, especially newly formed start-ups. Read more >
FINRA and SEC Announce Compliance Forum for B/Ds
Cybersecurity, investing by seniors, and other regulatory topics of interest will be discussed. Read more >
On What Authority?
DOL’s authority to regulate the financial services industry is separate from the authority conferred on the SEC, FINRA and state insurance, and other, regulators. Notwithstanding the potential conflicts and overlaps, the courts appear to believe that the DOL and other regulators can co-exist and effectively regulate together. Read more >
MOST POPULAR STORIES
Many Retirees Spending More Than They Expected

However, retirees spend 32% less than non-retirees.

Butch Lewis Act Said to Fail to Address Multiemployer Pension Deficits

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.

First Deadline Looming for SEC Electronic Disclosure Compliance

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.”

Bristol-Myers Squibb to Terminate $3.8 Billion Pension

It will offer lump sums to participants and transfer the remaining money to a group annuity contract from Athene Annuity and Life.

2019 Planning for DC Plan Clients

Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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