Under the SEC’s final regulations, Form CRS requires less prescribed wording relative to the proposed version, meaning firms may generally use their own wording to address required topics and will have more flexibility to provide information to investors.
Experts say the new SEC rules could allow brokers to encroach into the traditional territory of advisers without having to meet the same fiduciary standard of care.
The regulator is increasing its education about saving and investing to these groups, along with enforcement to safeguard them.
The regulator is taking a disclosure-based approach
All eyes might be on the SEC’s pending vote on Regulation Best Interest, but ERISA attorneys with Stradley Ronon suggest New Jersey is now “the state to watch” for advisers and brokers tracking the development of conflict of interest regulations.
SEC inspection staffers have identified growing security risks associated with advisers’ storage of electronic customer recorders in cloud-based platforms—and they will be watching for non-compliance in this area.
During an exchange on Capitol Hill on Wednesday, the Democratic representative from Ohio pressed DOL Secretary Alexander Acosta for details on how the regulator is addressing advisory industry conflicts of interest.
The state’s former securities chief says recently issued fiduciary regulations have been crafted in the interest of aggressively tamping down on conflicts of interest in the financial services industry.
Who is liable when a brokerage firm staffer knowingly transmits false information at the behest of a superior? A recent Supreme Court ruling offers some answers, while raising some critical questions.
Banc West Investment Services asked the Securities and Exchange Commission to clarify its stance on the potential conflict between FINRA suitability determinations called for by rollover decisions and, on the other hand, SEC demands to forward customer checks within a day of receipt.
Out of five witnesses called before the House Subcommittee on Investor Protection, Entrepreneurship and Capital markets, just one spoke favorably about the SEC’s conflict of interest regulations—and his support was conditioned on the SEC taking further action in this area.
The SEC made fundamental changes to the rules governing money market funds back in 2014; according to John Faustino at Fi360, the rule changes have created a big opportunity for advisers with stable value fund expertise.
The standard-setting and regulatory support organization governed by the chief insurance regulators of all 50 states set today as a deadline for industry comments on the latest draft of a model best-interest suitability standard applying to annuity sales.
Alan Wolper, an attorney with significant experience helping advisers and brokers navigate FINRA and SEC examinations, says the recently published FINRA 2019 priorities list is interesting, but ultimately not all that informative when it comes to helping advisers avoid the most pressing compliance issues.
During a webcast hosted by ACA Compliance Group, Allison Charley, a former SEC examinations office leader, explained the regulator’s internal process for picking audit targets; other speakers noted the SEC’s increased focus on suitability issues and cybersecurity.
In a Q&A with PLANADVISER, Mirella deRose draws on her experience leading FINRA enforcement in describing what she sees as the most important elements of the regulator’s recently published member priorities list for 2019.
According to the SEC, two firms will collectively pay more than $1.8 million for violations related to share class disclosure failures.
The year that was brought significant regulatory developments from the Department of Labor, the Internal Revenue Service, the Securities and Exchange Commission and other government agencies.
The SEC says relationship documentation, portfolio reconciliation, and portfolio compression are important tools for increasing operational efficiency and reducing risk for security-based swaps entities.