PLANADVISER Weekend Newsdash
Week ending August 9th, 2019

Happy Friday, readers! This weekend’s mailing focuses on the ever evolving topic of regulatory compliance. Below you will find our latest coverage of the DOL, SEC, FINRA and state-based regulators. Particularly timely is the news about New York’s expanded “best interest” standard, which took effect on August 1st for annuity contracts and will take effect February 1, 2020, for life insurance policies. In a new decision, the New York Supreme Court calls the expansion “a rational and reasonable movement towards consumer protection.” We hope you share some of what you read with a client or colleague.

Regulatory Radar
New York’s Top Court Endorses Fiduciary Standard for Insurance Sales
New York’s expanded “best interest” standard took effect on August 1st for annuity contracts and will take effect February 1, 2020, for life insurance policies. In a new decision, the New York Supreme Court calls the expansion “a rational and reasonable movement towards consumer protection.” Read more >
Hopes for Upset in FINRA Board Election
A contested election for a seat on the FINRA Board of Governors will be settled at the annual meeting of member firms on August 19. PLANADVISER spoke recently with both candidates in the tight race for the open large firm seat. Read more >
DOL Issues Final Prohibited Transaction Exemption for Auto-Portability
Now that participants’ small balances may be automatically transferred to their new 401(k) account, Retirement Clearinghouse expects to see a lot of business. Read more >
A DOL Secretary Scalia Would Quickly Find Direction
Having served as the DOL Solicitor General under the Bush Administration, experts suggest, Eugene Scalia would likely hit the ground running as a Labor Secretary with a conservative agenda. Read more >
For a Limited Time, MEPs Can Fix This Form 5500 Mistake
In a new Field Assistance Bulletin, the DOL addresses a set of common errors made by multiple employer plans as they attempt to comply with a reporting rule introduced in 2014. Read more >
MOST POPULAR STORIES
Is the Traditional Fiduciary Insurance Model at Risk?
One legal professional at a fiduciary insurance firm argues that the ‘indiscriminate nature’ of recent ERISA lawsuit filings could eventually culminate in a crisis for the retirement plan industry’s current approach to risk management and fiduciary insurance.
'Massive' Fraud Charges Trigger Allianz Global Investors U.S. Sale to Voya

The SEC says the charges and settlement show even the most sophisticated institutional investors, like pension funds, can become victims of wrongdoing.

SEC Votes to Propose Updated Fund Name Rules, ESG Disclosures for RIAs

Wednesday was a busy day for the U.S. Securities and Exchange Commission, which voted to propose two separate regulations that will impact investment managers and registered investment advisers—and which sources say are likely to generate substantial public comment and debate.

Why Small Business Owners Often Resist 401(k)s

Two of the reasons most commonly cited by small business owners for not offering a retirement plan are the beliefs that their business is too small to qualify and that they can’t afford a match.

Retirement Industry People Moves

OneDigital names vice president of product; Advisor Group acquires Infinex; T. Rowe Price appoints senior ESG leader; Voya hires chief information security officer; and more.

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