Financial Adviser

News & Analysis as of

Advisors Advantage - February 2017

Concepts That Retirement Plan Advisors Shouldn't Focus On. It would be a detriment to focus only on this stuff. Being a financial advisor isn't as easy as many people on the outside think. There are so many things you ...more

President Trump Calls for a Review of DOL’s Fiduciary Rule

On February 3, 2017, President Trump signed a presidential memorandum (Memorandum) ordering the U.S. Department of Labor (DOL) to review its conflict of interest rule defining the term “fiduciary” for retirement investment...more

President Trump Issues Executive Orders Impacting Dodd-Frank Act And DOL Fiduciary Duty Rule

On Friday, February 3, 2017, President Trump signed two Executive Orders impacting the financial services industry. 1. Dodd-Frank Act - President Trump signed an Executive Order designed to review the regulations...more

The New Issue Price Regulations: The Good, the Bad and the Ugly

Late last year, the Treasury Department released final Treasury Regulations (the “New Regulations”) relating to the “issue price” of tax-exempt bonds, effective for bonds sold after June 7, 2017. Because the changes imposed...more

President Trump Issues Memorandum on Fiduciary Rule Likely Leading to Delayed Compliance Date

On February 3, 2017, President Trump issued a memorandum directing the Department of Labor to prepare an updated economic and legal analysis of its “Fiduciary Rule.” Compliance with the Fiduciary Rule is generally required on...more

Trump Requires DOL to Reevaluate the Fiduciary Rule

Under current law, stockbrokers are only required to recommend suitable investments to their clients. The Department of Labor has issued a so called “fiduciary rule” which requires brokers, advisors and insurance agents, when...more

DOL Casts Vote Against Previous Proxy Rules Under ERISA

The U.S. Department of Labor (the “DOL”), on December 29, 2016, issued Interpretive Bulletin 2016-1 (“IB 2016-1”) under the Employee Retirement Income Security Act of 1974 ("ERISA") regarding the duties of fiduciaries under...more

The ERISA Litigation Newsletter - January 2017

Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

Sixth Circuit Declines to Address the Definition of Dodd Frank “Whistleblower”

On January 13, 2017, the Sixth Circuit in Verble v. Morgan Stanley Smith Barney, LLC, declined an opportunity to be the third federal appellate court to address the definition of “whistleblower” under Dodd Frank’s...more

What’s the deal with data breach insurance

A recent Investment News article highlighted a burgeoning market for financial advisors looking to protect their practices; namely, data breach insurance. Although such insurance seems like a great idea, you need to exercise...more

Corporate News – January 2017

First director disqualification: UK focus on pursuing individuals as well as companies for breach of competition law - The UK's Competition and Markets Authority has secured its first disqualification of a director of a...more

Establishment of the Parallel Market of the Saudi Stock Exchange

Background - On 21 December 2016, the Capital Market Authority of Saudi Arabia (the CMA) approved the Parallel Market Listing Rules (the Rules), thereby establishing the Parallel Market, an alternative market to the Main...more

Global Private Equity Newsletter - Winter 2017 Edition: Broker-Dealer Registration in the Private Equity Fund Adviser Context: How...

The U.S. Securities and Exchange Commission (SEC) announced on June 1, 2016, that Blackstreet Capital Management, LLC, a private equity fund advisory firm (BCM), and its owner had agreed to pay more than US$3.1 million to...more

2016 Year In Review: Corporate Governance Litigation And Regulation

2016 saw many notable developments in corporate governance litigation and related regulatory developments. In this article, we discuss significant judicial and regulatory developments in the following areas: Mergers...more

Process Is Paramount: The Delaware Court of Chancery Gives “100% Weight” to Merger Price in Determining Company’s Fair Value in...

On December 16, 2016, the Delaware Court of Chancery issued a post-trial opinion in an appraisal proceeding arising from the acquisition of Lender Processing Services, Inc. (“LPS” or the “Company”) by Fidelity National...more

Final Issue Price Regulations Significantly Change Current Rules

On December 9, 2016, the IRS released final Treasury Regulations (the “Final Regulations”) relating to the “issue price” of tax-exempt bonds for purposes of arbitrage investment restrictions. Although, on balance, an...more

Blog: Corp. Fin. Posts New Guidance on Banker Fee Disclosure of Alternative Fees for Tender Offers

On November 18, 2016, the Staff of the Division of Corporation Finance issued two new C&DIs that address banker fee disclosures for tender offers on Schedule 14D-9. The new C&DIs clarify that disclosure is required of “all”...more

FINRA Fine Addresses Broker Compensation and Conflicts of Interest

A recent enforcement action by FINRA underscores the regulator’s continuing concern regarding how financial advisers are paid to sell investment products. In a case announced on November 28, 2016, a member firm settled...more

"Two Court of Chancery Deal Litigation Decisions Provide Helpful Guidance"

Chelsea Therapeutics: Post-Closing Bad Faith Claim a ‘Rare Bird’ in Delaware Absent Allegations of Self-Interestedness or Lack of Independence - In In re Chelsea Therapeutics International LTD Stockholders Litigation,...more

'Fiduciary Rule' Update: Financial Services Industry Should Prepare for Compliance

The U.S. Department of Labor (DOL) scored an initial victory in what is sure to be a long legal battle over the so-called "fiduciary rule." Judge Randolph D. Moss of the U.S. District Court for the District of Columbia issued...more

"Department of Labor Issues Guidance on Conflicts of Interest Rule"

The Department of Labor (DOL) recently issued guidance on the Conflicts of Interest Rule it released earlier this year. The guidance, issued on October 27, 2016, is in the form of answers to frequently asked questions, which...more

DOL Issues First Wave of Fiduciary Rule Guidance

Last week, the U.S. Department of Labor (DOL) issued long-awaited guidance in the form of answers to 34 frequently asked questions (the FAQs) on its final rule (the Rule) for determining when a party is a fiduciary, by virtue...more

The Final Rule: DOL Releases First FAQs Related to New Fiduciary Rule

The Department of Labor (DOL) has released 34 FAQs providing additional guidance related to its final rule expanding the definition of an investment advice fiduciary (the Final Rule) for purposes of the Employee Retirement...more

DOL Issues First Guidance on Fiduciary Rule

On October 27, 2016, the U.S. Department of Labor (“DOL”) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is...more

DOL Issues First Guidance on Fiduciary Rule

On October 27, 2016, the U.S. Department of Labor (DOL) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is...more

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