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.
Tag: SEC
Compliance News
Legislative and Judicial Actions
SEC approves shareholder proposal, fiduciaries of Mutual of Omaha plan settle, and more.
SEC Approves Controversial Shareholder Proposal
Negative reactions immediately piled in from concerned stakeholders and consumer advocates who say the proxy voting rule amendments will stifle shareholder engagement.
SEC Risk Alert Identifies ‘Credential Stuffing’ Hacking Technique
‘Credential stuffing’ is a method of cyberattack to client accounts that uses compromised client login credentials, resulting in the possible loss of customer assets and unauthorized disclosure of...
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.
DOL Proposal Likely to Dampen Proxy Voting, Shareholder Engagement
As with its guidance related to environmental, social and governance investing, the Department of Labor’s stance on proxy voting and other forms of retirement plan investor shareholder rights...
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...
Trends
New Fiduciary Rule Ahead
The main theme of the DOL’s new rule proposal is in alignment with other regulators—the SEC and FINRA in particular—but...
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
One attorney who works on Securities and Exchange Commission compliance issues says the proposal will help retail investors digest key...
SEC Proposes Overhaul of Retail Fund Disclosure Framework
The proposed disclosure framework would feature ‘concise and visually engaging shareholder reports,’ according to the federal securities market regulator.
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...
SEC Charges VALIC Financial Advisors With Deceptive Sales Practics
The firm was also charged with mutual fund share class violations.
SEC Proxy Voting Rules Are Quickly Criticized After Finalization
Advocacy organizations representing the fiduciary advisory industry are smarting after the Securities and Exchange Commission finalized restrictive new proxy voting rules.
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...
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...
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...
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.
SEC’s Punitive Authority Tested by Latest SCOTUS Ruling
A nearly unanimous Supreme Court has seemingly set new limits on the punitive authorities of the U.S. Securities and Exchange...
Close Coordination Expected Between New DOL Rule and SEC’s Reg BI
Such alignment would be consistent with what the Department of Labor leadership has been signaling for a number of years now.