Though significant in its own right, the appellate ruling could potentially be stayed if (and when) it is appealed to the New York Court of Appeals, which is the state’s highest court.
The guidance published by the Department of Labor reminds the industry that boilerplate, fine print disclaimers that investment advice is not being provided won’t cut it.
He takes the helm at the Securities and Exchange Commission during a key time of transition and reflection for the market regulator, which is engaged in multiple important projects affecting advisers’ and brokers’ practices.
The states’ embrace of the NAIC annuity transaction suitability framework comes as experts are raising broader questions about the durability of the SEC’s Regulation Best Interest, on which the insurance standards are partly based.
The ongoing implementation of Regulation Best Interest gets top billing in the SEC’s recently published 2021 examination priorities list, though recent evidence suggests the regulator’s focus on share class disclosures remains a chief concern.
Democrats used Gary Gensler’s confirmation hearing to speak to issues of racial and wealth inequality exacerbated by the pandemic—which has killed more than 500,000 Americans and caused a surge in unemployment—while Republicans focused squarely on the potential of government overreach.
Everyone is initially eligible for the DOL’s new prohibited transaction exemption, though the regulator reserves the right to suspend eligibility for up to 10 years after certain violations.
This makes its new prohibited transaction exemption all the more important, according to attorneys with Groom Law Group.
The final rule confirms the reinstatement of the traditional five-part test for determining fiduciary status, though it does not definitively state that advice regarding IRA rollovers necessarily triggers fiduciary status.
The sense of déjà vu associated with the filing of a finalized fiduciary rule by the Department of Labor is palpable, but one ERISA expert says this version could actually stick—for good—despite the pending change in administration.
Jay Clayton’s stint at the helm of the Securities and Exchange Commission included oversight of the Regulation Best Interest finalization and implementation process, among other important projects.
Staff members of the Securities and Exchange Commission share some words of wisdom for advisers and broker/dealers newly subject to the Regulation Best Interest framework.
The state’s Insurance Department Rule 82, which may soon be updated to match a suitability framework recently adopted by the National Association of Insurance Commissioners, seeks to address conflicts of interest among annuity providers and their proxies.
Reg BI, a new fiduciary rule proposal from the DOL and state-enacted fiduciary rules—what advisers should keep in mind.
If the fiduciary rule saga has made one thing clear, it is that creating consensus about conflict of interest regulations is hard work. Even supporters of the new Department of Labor proposal say there is room for improvement.
The past two presidential administrations have taken starkly different views on the topic of conflicts of interest in the financial services industry, so it is only natural to ask what might happen after the November election.
Market volatility related to COVID-19 may have heightened the risk of misconduct in various areas that the SEC staff believes merit additional attention from advisers and compliance professionals.