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| Fiduciary Advisory Firms Sue to Block SEC’s Reg BI |
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Two advisory firms argue they are harmed by the “best interest” rule because it causes them a competitive disadvantage with respect to broker/dealers, and because the rule will increase rather than abate investor confusion.
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| State AGs’ Lawsuit Just One Part of Broader Fiduciary Fight |
| There is an all-out regulatory tug of war going on between consumer groups, the brokerage industry, the states and the SEC.
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| SEC Complaint Dissects Fee-Based Firm’s Revenue Sharing Strategy |
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The Securities and Exchange Commission takes issue with revenue sharing tied to a preferred broker’s “transaction fee” program, underscoring how fee-based advisers are not immune from allegations of conflicts of interest.
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| SEC Shakes Up the Proxy Voting Landscape |
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The Investment Adviser Association says the SEC’s proxy voting guidance will increase costs for advisers and also increase barriers to entry for proxy advisory firms.
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| DOL Sends Electronic Disclosure Rule to OMB |
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The proposed rule, which the OMB has up to 60 days to review is aimed at reducing costs and improving participant understanding of retirement plan disclosures.
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| Corrections Made to ‘One-Bad-Apple’ Rule Proposal for MEPs |
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In July, the IRS proposed regulations that would provide an exception, if certain requirements are met, to the application of the “unified plan rule,” what the industry refers to as the “one-bad-apple rule,” for MEPs.
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