FINRA Seeking Comments on Churning Rules as SEC Considers Action
A new client alert published by the Wagner Law Group urges advisory firms to review and consider an update to anti-churning policies, now that FINRA and the SEC...
Tag: SEC
5th Circuit Denies AARP, Attorneys General Motions to Revive DOL Fiduciary Rule Case
This leaves the SEC’s revised conflict of interest standards for brokers and advisers as the leading alternative.
SEC Issues FAQs About Share Class Selection Disclosure Initiative
If an adviser reduced their fee due to the receipt of 12b-1 fees, the SEC might not ask for any disgorgement; for instance, the SEC says, if an...
Attorneys General, Other Third-Parties Move to Revive DOL Fiduciary Rule in 5th Circuit
Anticipating the DOL will not itself ask the 5th U.S. Circuit Court of Appeals to reconsider a crucial mid-March panel ruling that vacated the Obama-era fiduciary rule expansion,...
It’s Not Déjà Vu, It’s a Brand New Best Interest Rulemaking Debate
The release of a thousand-page "best interest" rulemaking package by the SEC applying to all brokers and investment advisers is being hailed as a victory by some and...
SEC Proposes Revised Conflict of Interest Standards for Brokers and Advisers
It will take time for the fully detailed picture to emerge, but the SEC voted late Wednesday to propose new conflict of interest standards for how broker/dealers and...
Launch of Stradley Ronon Fiduciary Governance Group Reflects Litigation Trends
Amid a glut of retirement plan industry litigation and regulatory change, advisers are asking the twin questions of whether one owes a fiduciary duty to their client, and...
SEC Proposes Changes to Public Liquidity Risk Management Disclosure
Instead of making the disclosure on Form N-PORT on a quarterly basis, firms would discuss their liquidity risk programs in their annual statements.
SEC Extends Deadline for Open-End Fund Liquidity Classification
However, the deadlines for creating a liquidity risk management program and to limit illiquid investments to 15% of a fund’s portfolio remain unchanged: December 1, 2018, for larger...
Self-Reporting to SEC of 12b-1 Conflicts of Interest Not Without Risk
Offering some preliminary commentary on the SEC’s newly announced adviser 12b-1 fee conflict of interest “amnesty” program, as it’s being referred to in the trade media, Wagner Law...
SEC Reveals Share Class Selection Disclosure Initiative
Under the new “SCSD Initiative,” the SEC’s enforcement agents will recommend “standardized, favorable settlement terms” for investment advisers that self-report that they failed to disclose conflicts of interest...
Gainfully Adds Communications Platform for FinTech Firms
The new tool aims to help advisers speak regularly with clients in efficient and seamless ways.
With SEC Move Pending, New York Joins Other States Making Fiduciary Reforms
Regulatory developments in Nevada and New York show inaction at the federal level on clarifying advisers’ and brokers’ fiduciary duties is leading to a patchwork of state-by-state approaches...
SEC Takes Aim at Bond Market Liquidity Issues in 2018
The SEC’s new Fixed Income Market Structure Advisory Committee aims to tackle difficult bond market liquidity challenges, with its first official meeting coming up this week.
SEC Fraud Charges Bring Settlements and Lifetime Industry Ban
More important than the fact that individual brokers or executives are being punished is the recognition that retirement plans and large institutional investors are routinely subject to fraud...
Liquidity Fees and the Fiduciary Duty of Best Execution
Retirement plan fiduciaries must understand the expenses their participants pay to make trades and access investments, but their duty to monitor and ensure reasonableness is not limited to...
The SEC Has Formed a Fixed Income Market Structure Advisory Committee Comprised of Outside Experts
It will provide new ideas about how to enhance to the Commission regarding efficiency and resiliency of these evolving markets.
Inside Insight on Fiduciary Reform at Merrill Lynch and Beyond
Two executives focused on institutional retirement business at Merrill Lynch sit down for a fiduciary chat, offering inside views of one major advisory firm’s approach to navigating regulatory...