SEC Chair Gensler’s Confirmation Hearing Displays Parties’ Priorities
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.
Key DOL Prohibited Transaction Exemption Considerations
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.
DOL Reconsiders Who Can Be Considered a Fiduciary
This makes its new prohibited transaction exemption all the more important, according to attorneys with Groom Law Group.
DOL Publishes Final Fiduciary Prohibited Transaction Exemption
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.
OMB Has Received a Final Fiduciary Rule From DOL
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.
SEC Chair Clayton Confirms Plan to Step Down at Year’s End
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.
What the SEC Thinks of Reg BI Compliance So Far
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.
Arkansas Is Latest State to Consider NAIC Annuity Sales Standards
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.
PANC 2020: Conflict Ahead
Reg BI, a new fiduciary rule proposal from the DOL and state-enacted fiduciary rules—what advisers should keep in mind.
Decade of Debate Continues at DOL Fiduciary Rule Hearing
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.
Contemplating a Reversal of Regulation Best Interest
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.
New Fiduciary Rule Ahead
Investment Advice Revisited
SEC Staff: COVID-19 Creates New Compliance Considerations
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.
SEC Fund Report Proposal Seen as Big Step Toward Modernization
La Meer Launches Cloud-Based Reg BI Compliance Platform
The platform is known as ‘GRACE’ and seeks to make it easier for advisory firms to meet the requirements of Regulation Best Interest while working in a remote-first setting.
DOL Aims to Quickly Simplify Conflict of Interest Framework
The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.
With Another Rule Proposal, DOL’s Fiduciary Saga Continues
The Department of Labor has taken yet another step forward in what has been more than a decadelong effort to update the fiduciary duty applying to investment professionals serving workplace retirement plans.
DOL’s New Proposed Fiduciary Rule Aligns With Reg BI, NAIC Suitability
Multiple national-level conflict of interest rules are now aligned that will require financial professionals to act in the best interest of consumers.
Court Quashes Lawsuit Challenging SEC’s Reg BI
The 2nd U.S. Circuit Court of Appeals found the regulation, which goes into effect tomorrow, is authorized by Dodd-Frank and is not arbitrary and capricious.