News & Analysis as of

Barclays Is Sanctioned By The FCA and The SEC

Barclays took a double hit from regulators yesterday. First the Financial Conduct Authority in the UK fined Barclays Bank Plc, about £38 million for putting £16.5 billion of client assets at risk. Then the SEC imposed a $15...more

NFA to Impose Fee for Failing to Disclose Disciplinary Matter

The National Futures Association (the “NFA”) issued Notice to Members I-14-11 (the “Notice”) announcing its adoption of new rule amendments that provide for payment of a $1,000 late disclosure fee when an applicant for...more

Corporate and Financial Weekly Digest - Volume IX, Issue 21

In this issue: - CME Delays Prohibition on Transitory EFRPs - JAC Issues Guidance on Margin Funds - CFTC Hands Out First Whistleblower Award - NFA Adopts Fee for Registration...more

SEC Discusses Troubling Private Equity Practices

Andrew J. Bowden, Director, SEC Office of Compliance Inspections and Examinations, gave a talk where he discussed troubling practices identified in examinations of private equity advisers. Some of these include...more

SEC Notes Growing Concern About Private Equity Fee Disclosures

Recent comments by Andrew Bowden, Director of the Office of Compliance Inspections and Examinations for the Securities and Exchange Commission (SEC), highlight the growing tension between Dodd-Frank compliance and fund...more

Fee Policies for Missed Appointments

Providers may charge for missed appointments, but… Policies for missed-appointment fees must be clear and conspicuously posted, and are best acknowledged in writing by practice patients. However, when charging a...more

Let Their Summary Be Your Guide - U.S. Department of Labor Proposes Fee-Disclosure Guide Requirements Under ERISA

Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 ("ERISA") provides an exemption from the “prohibited transaction” provisions of ERISA for certain compensation arrangements with employee benefit plans....more

The CFPB May Propose Standard Prepaid Card Fee Disclosure Rules

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced that it is working on potential new consumer disclosure requirements for prepaid cards to standardize fee disclosures. The new disclosure...more

DOL Proposes Amendment to Service Provider Fee Disclosure Regulation

Proposal would require certain service providers to furnish a separate disclosure guide. On March 11, the U.S. Department of Labor (DOL) issued a proposed amendment to its 2012 final regulations under section 408(b)(2)...more

Your 401(k) Plan and the Shape of the Earth

I used to work with a very smart lawyer who said that he could give a legal opinion that the world was flat if his qualifying language was not limited. In that case, he would have stated something on the order of: this...more

Government announces its proposed changes to the FOFA reforms

As anticipated, the Assistant Treasurer has announced the reforms to the FOFA legislation the government will introduce. The reforms include removing the ‘opt-in’ requirement as foreshadowed pre-election. The reforms also...more

NASDAQ Amending Compensation Committee Director Independence Requirements

On November 26, 2013, the NASDAQ Stock Market LLC (Nasdaq) filed with the Securities and Exchange Commission (SEC) proposed amendments to its listing rules on compensation committee composition to, among other things, replace...more

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

Seventh Circuit Again Grants Class Certification In Excessive Fee Case

On remand from the Seventh Circuit, a federal district court in Illinois granted class certification in a case where participants in a Boeing 401(k) plan alleged that Boeing breached its fiduciary duties under ERISA by: (i)...more

CFPB Signals Additional Concerns about Consumer Credit Card Market with Report on CARD Act

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released the “CARD Act Report,” a report summarizing the CFPB’s views on the impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009...more

Disclosure Requirements and Advertising Rules for CPOs

On August 13, 2013, the Commodity Futures Trading Commission (the “CFTC”) adopted final rule amendments to accept compliance with the disclosure, reporting and recordkeeping rules of the Securities and Exchange Commission...more

DOL Policy Allows Employers A Limited Opportunity To Re-Set Timing Of Annual Participant Fee Disclosures

The DOL’s new participant fee disclosures regulations took effect last year. These rules require 401(k) and other participant-directed plans to provide participants with an annual disclosure of certain plan and fee...more

So You Want To Be A 401(k) Financial Advisor?

Whether you are financial advisor who is not in the 401(k) business and wants to be in it or you’re the financial advisor who wants to dramatically increase their small book of business, this is the perfect time. With...more

Client News Alert: Regarding Physician Payments Sunshine Act

On August 1, 2013 a new reporting obligation under the federal Physician Payments Sunshine Act (“Sunshine Act”) takes effect. The Sunshine Act was originally signed into law on March 23, 2010, as part of the Patient...more

Important New Fee Disclosure Guidance

On July 22, 2013, the U.S. Department of Labor (DOL) released Field Assistance Bulletin (FAB) 2013-02, which provides plan administrators of individual account plans with participant-directed investments (such as 401(k) and...more

DOL Extends Participant Disclosure Deadline for 2013

Guidance provides temporary relief from the August deadline for annual disclosures by participant-directed plans. On July 22, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin 2013-02 (the Bulletin),...more

Mean What You Say and Say What You Mean: FINRA Raises Concerns About Advertising “Free” and “No-Fee” Services

FINRA is once again focusing on member firms’ communications with the public. Regulatory Notice 13-23 provides members with guidance regarding disclosure of fees in communications about retail brokerage accounts and...more

Retirement Plans Get One Chance to Change Annual Participant Fee Disclosure Deadline

On July 22, 2013, the Department of Labor (DOL) announced a one-time opportunity for administrators of participant-directed individual account plans such as 401(k) and ERISA-covered 403(b) plans to “re-set” their annual...more

Department of Labor Provides Relief From Required Annual Fee Disclosure

The U.S. Department of Labor (DOL) announced today in Field Assistance Bulletin (FAB) No. 2013-02 that it was adopting a temporary enforcement policy that would offer plan administrators temporary relief from certain of the...more

Reminder: Ongoing Participant Fee Disclosure Obligations for Retirement Plan Sponsors

In 2011 and 2012, we alerted you to new requirements on plan administrators of participant-directed defined contribution retirement plans (e.g., 401(k) plans, 403(b) plans, profit sharing plans and money purchase plans) that...more

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