PLANADVISER Weekend Newsdash
Week ending September 13th, 2019

For the casual observer, the shifting tangle of laws and regulations governing the behaviors of retirement plan fiduciaries can seem almost comically complex. For industry practitioners, wrestling with regulatory compliance is a daily battle, and one with potentially dire personal and professional consequences. Below you will find a roundup of significant regulatory events from 2019. We hope you’ll share some of what you read with a client or colleague.

Editor's choice
Fiduciary Advisory Firms Sue to Block SEC’s Reg BI
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. Read more >
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. Read more >
SEC Complaint Dissects Fee-Based Firm’s Revenue Sharing Strategy
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. Read more >
SEC Shakes Up the Proxy Voting Landscape
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.   Read more >
DOL Sends Electronic Disclosure Rule to OMB
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. Read more >
Corrections Made to ‘One-Bad-Apple’ Rule Proposal for MEPs
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. Read more >
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FINRA Wants to Help You With Reg BI Compliance

As the enforcement date approaches for the sweeping Regulation Best Interest rulemaking package, FINRA is working hand-in-hand with the SEC to ensure effective coordination—and to support advisers working on associated compliance challenges.

Washington Update: Industry Turns Attention to Portman-Cardin Bill
The president’s budget proposal may be short on retirement reforms, but members of Congress are already looking beyond the SECURE Act.
Inheritance Pathways Exist to Replace Stretch IRAs
The SECURE Act is stalled in the U.S. Senate due in part to several lawmakers’ concerns that it does away with so-called “stretch IRAs,” but tax and inheritance experts say other effective tax mitigation strategies are available.
‘Stretch IRAs,’ Multigenerational Inheritance and the SECURE Act
Low and middle-income Americans struggling to save for retirement are depending on the U.S. Senate to pass the SECURE Act, advocates say. At present, one roadblock seems to the law’s treatment of “stretch IRAs.”
CAPTRUST Acquires Fountain Financial Associates

The team of 10 employees, including five advisers, joins CAPTRUST’s wealth management practice, adding $654 million in assets under management.

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