On June 5, 2019, the SEC voted to adopt a package of rules and interpretations related to standards of conduct for broker-dealers and investment advisers, including new rule Regulation Best Interest, new Form CRS, an...more
6/10/2019
/ Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
On March 15, 2018, in a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit vacated entirely the conflict of interest regulation of the Department of Labor (DOL) and its related prohibited transaction exemptions...more
In the six months since Securities and Exchange Commission (SEC) Chairman Jay Clayton requested public comments on standards of conduct for investment advisers and broker-dealers, industry participants, investors and other...more
2/1/2018
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Code of Conduct ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Public Comment ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Care
On November 27, 2017, the U.S. Department of Labor (DOL) extended the transition period for its conflict of interest regulation (commonly referred to as the "fiduciary rule") until July 1, 2019....more
In a May 23, 2017, op-ed in The Wall Street Journal, Secretary of Labor Alexander Acosta indicated that the conflict of interest regulation (commonly referred to as the fiduciary rule) issued by the Department of Labor (DOL)...more
5/30/2017
/ Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Field Assistance Bulletins ,
Financial Adviser ,
Investment Adviser ,
Retirement Plan ,
Secretary of Labor ,
Securities and Exchange Commission (SEC)
In 2016, regulatory developments introduced fundamental changes in the legal standards that govern the relationship of broker-dealers with their customers. Although the changes are not applicable until April 10, 2017, most in...more
2/8/2017
/ 401k ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Trump Administration
On January 31, 2014, the Division of Trading and Markets (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued a no-action letter (as revised on February 4, 2014, the “No-Action Letter”) that permits...more