PLANADVISER Weekend Newsdash
Week ending June 14th, 2019

Happy Friday, readers! After months of waiting, the SEC has revealed the final version of Regulation Best Interest. Find our Reg BI coverage below, along with the latest from the Department of Labor and Congress. We hope you share some of what you read with a client or colleague.

Reg BI and More
Reg BI Could Make It Easier for B/Ds to Compete With Retirement Plan Advisers
Experts say the new SEC rules could allow brokers to encroach into the traditional territory of advisers without having to meet the same fiduciary standard of care. Read more >
Tracking SECURE Act, RESA, DOL Developments and More
On June 5, the opening day of the 2019 PLANSPONSOR National Conference, David N. Levine, a principal with Groom Law Group, and Robin M. Solomon, a partner at Ivins, Phillips & Barker, discussed the Setting Every Community Up for Retirement Enhancement Act, which recently passed the House by a practically unanimous margin of 417 – 3. Read more >
Groups Ask DOL to Make 401(k) Electronic Delivery the Default
ICI, SPARK and the ACLI are among the eight organizations making the request. Read more >
Just Hours Left to Comment on N.J. Fiduciary Rule
All eyes might be on the SEC’s pending vote on Regulation Best Interest, but ERISA attorneys with Stradley Ronon suggest New Jersey is now “the state to watch” for advisers and brokers tracking the development of conflict of interest regulations. Read more >
SEC Examiners Warn About Cloud Storage Risks for Advisers
SEC inspection staffers have identified growing security risks associated with advisers’ storage of electronic customer recorders in cloud-based platforms—and they will be watching for non-compliance in this area. Read more >
MOST POPULAR STORIES
Three New ERISA Lawsuits Bash Actively Managed TDFs

Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.

$300 Million Plan Faces ERISA Fiduciary Breach Lawsuit

The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.

Another Lawsuit Challenges Use of Untested CITs in 401(k) Plan

A similar lawsuit was filed in May against an investment manager and a different plan sponsor.

Attorneys Offer Closer Reading of DOL’s Open MEP RFI

Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.

DOL Aims to Quickly Simplify Conflict of Interest Framework

The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.

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