Fred Reish on Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #87: Specific Reasons for Rollover Recommendations That Won’t Work (Part 1)

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in...more

4/19/2022 / Broker-Dealer , Department of Labor (DOL) , Employee Retirement Income Security Act (ERISA) , Financial Institutions , Individual Retirement Account (IRA) , Investment , Investment Adviser , IRA Rollovers , Prohibited Transactions , Retirement , Retirement Plan , Securities and Exchange Commission (SEC)

The Convergence Continues: SEC Staff Bulletin on Standards of Conduct for B-Ds and RIAs

On March 30, 2022, the SEC issued “Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors” (SEC Retail Standards Bulletin). This guidance builds on prior...more

4/13/2022 / Broker-Dealer , Conflicts of Interest , Department of Labor (DOL) , Fiduciary-Standards , Investment , Investment Adviser , Investors , IRA Rollovers , PTEs , Regulation Best Interest , Securities and Exchange Commission (SEC) , Standard of Conduct

The SEC Sues Investment Advisory Firm in Connection with Alleged Failure to Disclose Revenue Sharing and Other Financial...

In recent years, the SEC has been conducting a nationwide and industry-wide “sweep” of investment advisory firms, pursuant to which it has opened investigations and brought enforcement actions against a multitude of...more

3/22/2022 / Conflicts of Interest , Enforcement Actions , Failure To Disclose , Fiduciary Rule , Investment , Investment Adviser , Investment Advisers Act of 1940 , Regulation Best Interest , Revenue Sharing , Securities and Exchange Commission (SEC) , Transaction Fees

Best Interest Standard of Care for Advisors #81: Compliance with PTE 2020-02: Annual Retrospective Review

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 (FAQs) issued by the DOL to explain the fiduciary...more

2/17/2022 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , Prohibited Transactions , PTEs , Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #80: Compliance with PTE 2020-02: Insurance Distribution Issues (Part 2)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ▪️ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ▪️ In FAQ 18, the DOL...more

2/9/2022 / Annuities , Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Financial Institutions , Financial Services Industry , Insurance Industry , Investment Adviser , PTEs , Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #77: Compliance with PTE 2020-02: Mitigation of Incentive Effects of Payout Grids...

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 (FAQs) issued by the DOL to explain the fiduciary...more

12/14/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Fiduciary Rule , Financial Institutions , Investment Adviser , Investment Management , Prohibited Transactions , PTEs , Regulation Best Interest , Regulation BI , Retirement Plan , Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #76: Compliance with PTE 2020-02: Mitigation of Conflicts (Part 3)

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 (FAQs) issued by the DOL to explain the fiduciary...more

12/8/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , Mitigation , Prohibited Transactions , PTEs , Regulation Best Interest , Retirement Plan , Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #75: Compliance with PTE 2020-02: Mitigation of Conflicts (Part 2)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ◾ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ◾ In FAQ 16, the DOL...more

11/30/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , IRA Rollovers , Prohibited Transactions , PTEs , Regulation Best Interest , Retirement Plan , Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #74: Compliance with PTE 2020-02: Mitigation of Conflicts (Part 1)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ◾ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ◾ In FAQ 16, the DOL...more

11/23/2021 / Best Interest Standard , Broker-Dealer , Conflicts of Interest , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , IRA Rollovers , Mitigation , Regulation Best Interest , Retirement , Securities and Exchange Commission (SEC) , Standard of Conduct

Best Interest Standard of Care for Advisors #72: Compliance with PTE 2020-02: Factors to Evaluate for an IRA-to-IRA Rollover...

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 (FAQs) issued by the DOL to explain the fiduciary...more

11/9/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Employee Retirement Income Security Act (ERISA) , Fiduciary Duty , Financial Services Industry , Individual Retirement Account (IRA) , Investment , Investment Adviser , IRA Rollovers , Prohibited Transactions , PTEs , Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #67: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more

9/21/2021 / Best Interest Standard , Broker-Dealer , Compliance , Department of Labor (DOL) , Fiduciary Duty , Financial Services Industry , Individual Retirement Account (IRA) , Investment , Investment Adviser , IRA Rollovers , Prohibited Transactions , PTEs , Securities and Exchange Commission (SEC)

Interest Standard of Care for Advisors #66: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation (Part...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more

9/15/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Fiduciary Rule , Financial Institutions , Investment Adviser , Investment Management , Prohibited Transactions , PTEs , Regulation Best Interest , Regulation BI , Retirement Plan , Securities and Exchange Commission (SEC) , Standard of Conduct

Best Interest Standard of Care for Advisors #65: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at...more

9/7/2021 / 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)

Best Interest Standard of Care for Advisors #63: Compliance with PTE 2020-02: Acknowledgement of Fiduciary Status

The DOL “Fiduciary Rule,” FAQ 13: Written Acknowledgement of Fiduciary Status - 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...more

8/25/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Fiduciary Rule , Financial Institutions , Investment Adviser , Investment Management , Prohibited Transactions , PTEs , Regulation Best Interest , Regulation BI , Retirement Plan , Securities and Exchange Commission (SEC) , Standard of Conduct

Best Interest Standard #60: Compliance with PTE 2020-02

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)