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.
Advisory firms waiting to see whether the 2nd Circuit will delay or outright halt the implementation of the SEC’s Regulation Best Interest are wasting precious time.
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FINRA is advancing a proposal to modernize the process by which brokers can clear their records of past customer disputes, but one former regulator questions whether the proposed approach fixes some fundamental issues of transparency and fairness for consumers.
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The National Association of Insurance Commissioners is seeking to update its rules and restrictions on the sales of annuities so they better harmonize with the SEC’s Regulation Best Interest.
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The purpose of any such updates would be to increase the effectiveness of tax-favored retirement programs by allowing retirees to retain sufficient retirement savings in these programs for their later years, the IRS says.
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Both the Department of Labor and the Securities and Exchange Commission are revisiting their proxy voting rules, creating an opportunity for greater regulatory alignment.
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