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.
Tag: SEC
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 has become a political football.
Compliance
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.
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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 the agency is not surrendering its jurisdiction over tax-qualified retirement plans.
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 information while ensuring transparency remains a top priority.
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 setting.
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.
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Compliance
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.
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Compliance
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.
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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 Commission (SEC), though just how much has changed is up for debate.
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.
Paycheck Protection Program Considerations for Advisers
Like any clients that have taken advantage of the Paycheck Protection Program (PPP), advisory practices must be careful about the provisions the Small Business Administration has set forth to make any payments forgivable.
Form CRS Solutions Coming Online Ahead of Reg BI
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.
Iowa Finalizes and Adopts Best Interest Standard for Annuities
“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.”
SEC Says Advisory Firms May Have to Report PPP Loans
FINRA previously addressed reporting of Paycheck Protection Program loan forgiveness in its FAQs related to COVID-19.