Tag: Fiduciary

Legislative and Judicial Actions

The SEC returns to cybersecurity enforcement pledge; Form 5500 revisions; revenue-sharing disclosure failures result in SEC action; and more.

Revenue Sharing Disclosure Failures Result in SEC Action

A recent cease-and-desist order filed by the Securities and Exchange Commission underscores the fact that revenue sharing among financial advisers and ‘parties in interest’ is not necessarily an inherent problem—but a failure to disclose the relationship and the potential for conflict is.

SEC Sanctions Offer New Cybersecurity Guideposts

One former SEC enforcement leader says actions against several advisory firms that allegedly had cybersecurity failures make a clear case for the use of multifactor authentication—but that’s just the beginning of cybersecurity.

Legislative and Judicial Actions

Financial assistance for multiemployer plans; faith-based entities may now benefit from the public student loan forgiveness program; FINRA project examines how regulators can support diversity; and more.

Juniper Networks Is Latest ERISA Lawsuit Target

The claims included in the complaint, which in some respects directly contradict arguments made by other plaintiffs in related fiduciary breach cases, underscore just how many potential avenues for scrutiny plan sponsors face.

SeaWorld ERISA Lawsuit Seeks Sizable Damages

The text of the lawsuit notes the fast pace of the filing of excessive fee lawsuits against retirement plans operated by major U.S. employers, arguing SeaWorld owes its own employees more than $50 million in damages.

Judge Stays Land O’Lakes Lawsuit for Mediation

The Land O’Lakes defendants’ motion to dismiss the suit based on a lack of subject matter jurisdiction and failure to state a plausible claim succeeded only in part, setting the stage for either a full trial or mediation and settlement.

A DOL Fiduciary Rule and PTE Refresher

No matter if an adviser is a flat-fee registered investment adviser or a commission-based broker/dealer, the DOL says the collection of compensation related to rollover guidance is almost always going to be a prohibited transaction, triggering the need for an exemption.