The Department of Labor has submitted a draft regulation to the Office of Management and Budget.
Tag: Reg BI
The state is following in the footsteps of Iowa, which earlier this month adopted a regulation to require annuity agents to act in the best interest of their customers.
One critical component of the Regulation Best Interest is the customer relationship summary form, or “Form CRS,” which provides new and existing clients with detailed information about a firm’s products, fees, conflicts of interest, disciplinary history and more.
At a digital hearing conducted by the Iowa Insurance Division, industry representatives asked the state regulator to grant a safe harbor for broker/dealers that comply with Reg BI.
Iowa’s new proposed conflict of interest mitigation rules are based closely on the model framework finalized earlier this year by the National Association of Insurance Commissioners—with some important differences.
Two new risk alerts published by the SEC provide broker/dealers and advisers with advance information about the expected scope and content of the initial examinations for compliance with Regulation Best Interest and Form CRS.
The SEC has confirmed that the COVID-19 pandemic will not halt the implementation of the SEC’s Regulation Best Interest, which has a general compliance date of June 30.
“The uncertainties caused by COVID-19 have not changed our perspective or commitment,” SEC Chairman Jay Clayton says.
As the SEC’s June 30 Regulation Best Interest deadline nears without hope of a grace period, sources say many financial services firms aren’t ready to comply.
The Democratic presidential candidate tells Department of Labor Secretary Scalia she fears the DOL is considering standards of conduct that would permit advisers providing advice on retirement savings to engage in conflicts of interest.
The rule blurs the line between advice and sales, potentially hurting both advisers and investors, he says.
The self-regulatory organization says it will help members implement the SEC's sweeping new conflict of interest disclosure rules.