ERISA Industry Committee Comments in Opposition to New DOL QPAM Rule
The DOL has proposed that QPAMs would be disqualified for 10 years for foreign convictions and for entering into non-prosecution agreements with the DOJ. They also proposed new contractual requirements for QPAMs.
Legislative and Judicial Actions
Caution Needed Regarding Rollovers
Rollovers and Fiduciaries
The DOL’s Latest Proposed PTE
DOL Regulatory Agenda Shows Proposed Fiduciary Rule Expected in December
During a House committee hearing in early May, Secretary of Labor Alexander Acosta said the Department of Labor (DOL) is working with the Securities and Exchange Commission (SEC) to propose a rule that will protect investors.
Cerulli Questions Clean Shares’ Future With Fiduciary Rule Withdrawal
The firm argues clean share classes can stick to their channels with greater free transparency and lower cost.
Wells Fargo Drops Plans to Use T Shares in Retirement Accounts
Asked whether Wells Fargo Advisors will reconsider T shares if the DOL’s fiduciary rule is revisited or the SEC pushes through a conflict of interest rule, the firm simply said, “Although we could offer them in the future, we have no current plans to do so.”
5th Circuit Denies AARP, Attorneys General Motions to Revive DOL Fiduciary Rule Case
This leaves the SEC’s revised conflict of interest standards for brokers and advisers as the leading alternative.
SEC Proposes Revised Conflict of Interest Standards for Brokers and Advisers
It will take time for the fully detailed picture to emerge, but the SEC voted late Wednesday to propose new conflict of interest standards for how broker/dealers and financial advisers label themselves and sell products under various fee structures to retail clients.
Duty to Investigate
