The DOL “Fiduciary Rule,” FAQ 10: The PTE Conditions -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions...more
7/27/2021
/ Best Interest Standard ,
Compliance ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
7/20/2021
/ Best Interest Standard ,
Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
7/13/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
7/7/2021
/ Banks ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Exemptions ,
Fiduciary Rule ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
IRA Rollovers ,
Plan Participants ,
Prohibited Transactions ,
Regulation Best Interest
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
7/1/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
6/22/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Securities and Exchange Commission (SEC) ,
Standard of Care ,
Standard of Conduct
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
6/9/2021
/ Best Interest Standard ,
Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
6/1/2021
/ Best Interest Standard ,
Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 16): Mitigation Strategies -
This series focuses on the DOL’s new fiduciary “rule”. This post is the 16th in a subseries discussing special compliance issues...more
5/25/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 14): The Two Compensation Requirements: Reasonable Compensation and Mitigation-
This series focused on the DOL’s new fiduciary “rule”. This post is the 14th in...more
5/11/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 13): The Two Compensation Requirements: Reasonable Compensation and Mitigation-
On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02...more
5/4/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 7) -
On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more
3/23/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor (DOL) confirmed on February 12 that the Trump-era Prohibited Transaction Exemption 2020-02 (PTE) would go into effect as scheduled on February 16, 2021. The PTE will likely affect the business of...more
3/23/2021
/ Broker-Dealer ,
Compliance ,
Department of Labor (DOL) ,
Exemptions ,
Fiduciary Duty ,
Investment Adviser ,
IRA Rollovers ,
New Guidance ,
Policies and Procedures ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 6) -
On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more
3/17/2021
/ 401k ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
Closing out 2020, the SEC’s Division of Examinations (OCIE) issued a Statement on Recent and Upcoming Regulation Best Interest Examinations. There the Division of Examinations announced its intention “to begin its next phase...more
The Department of Labor (DOL) and the Securities and Exchange Commission (SEC) are focusing on rollover recommendations and their impact on plan participants. The DOL has historically taken the position that a recommendation...more
11/19/2020
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Investment Adviser ,
IRA Rollovers ,
Plan Participants ,
Regulation Best Interest ,
Rollover Equity ,
Securities and Exchange Commission (SEC)
The U.S. Securities and Exchange Commission (SEC) hosted a virtual roundtable in late October to discuss the Regulation Best Interest (Reg BI) and Form CRS. With a few months of observations from examinations since the June...more
The Department of Labor’s Proposed Prohibited Transaction Exemption and its Impact on Recommendations to Plans, Participants and IRAs (Part 1)
On July 7, 2020 the DOL issued a proposed prohibited transaction exemption...more
The SEC’s Regulation Best Interest (Reg BI) applies to recommendations by a broker-dealer to “retail customers.” As the term suggests, a retail customer is a “natural person” (or the legal representative of a natural person)...more
On October 8, 2020, the U.S. Securities and Exchange Commission (SEC) released a joint statement by SEC Chairman Jay Clayton and the SEC’s directors of the Division of Investment Management and the Division of Trading and...more
Regulation Best Interest: Best Interest and Suitability—How They Differ (Part 5) -
Regulation Best Interest (Reg BI) imposes a “best interest” standard of care on broker-dealers for their recommendations of securities and...more
Regulation Best Interest: Best Interest and Suitability—How They Differ (Part 4) -
Regulation Best Interest (Reg BI) imposes a “best interest” standard of care on broker-dealers for their recommendations of securities and...more
Regulation Best Interest: Best Interest and Suitability—How They Differ (Part 2) -
Regulation Best Interest (Reg BI) imposes a “best interest” standard of care on broker-dealers for their recommendations of securities and...more
A three-judge panel of the Second Circuit entertained arguments on June 2, 2020, in a lawsuit seeking to vacate and set aside the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest (Reg BI). By way of...more
The SEC has issued guidance addressing the Form CRS. The first is a Risk Alert from the Office of Compliance Inspections and Examinations (OCIE) indicating that OCIE will be looking for good faith compliance when it conducts...more