Tag: Regulation Best Interest

SEC Chair Gary Gensler says her focus as a senior adviser will be on issues relating to retail investor protection, including broker and adviser oversight and examinations.

Among the more telling chapters in Gensler’s biography is his work helping to draft the Sarbanes-Oxley Act as a senior adviser to former U.S. Senator Paul Sarbanes in the wake of the Enron scandal. 

“Iowans expect their financial professional to act in the consumer’s best interest when recommending an annuity,” says Iowa Insurance Commissioner Doug Ommen. “Iowa not only expects it, but we will require it.”

As the enforcement date approaches for the sweeping Regulation Best Interest rulemaking package, FINRA is working hand-in-hand with the SEC to ensure effective coordination—and to support advisers working on associated compliance challenges.

The 2nd Circuit has been asked to halt the implementation of the SEC’s Regulation Best Interest by a coalition of parties that now includes the lead sponsors of the Dodd-Frank Act.

Critics of the Massachusetts fiduciary rule say it will interfere with the implementation of the SEC’s Regulation Best Interest; proponents say that’s exactly the point.

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.

Supporters of the Massachusetts proposal say the state-based regulations will be far more effective in tamping down on brokerage industry conflicts of interest compared with the national Regulation Best Interest.

The SEC tackles this question and others in a new FAQ publication about the Regulation Best Interest rulemaking package, as does Morningstar in a new paper that examines the regulation’s impact on specific business models.

In addition to the ambitious Regulation Best Interest package, the securities and market regulator is making significant changes to the proxy voting landscape and its rules for adviser advertising.

The National Association of Insurance Commissioners is seeking to update its rules and restrictions on the sales of annuities so they better harmonize with the SEC’s Regulation Best Interest.

Advisory firms waiting to see whether the 2nd Circuit will delay or outright halt the implementation of the SEC's Regulation Best Interest are wasting precious time.

It is well-established that clauses containing a specific statutory grant of jurisdiction to the court of appeals should be construed in favor of review by the court of appeals.