DOL Issues
The Department of Labor’s (DOL) recent request for information (RFI) about the fiduciary regulation indicate the issues of greatest interest to the DOL. Fred Reish looks at two issues concerning the Best Interest Contract Exemption (BICE) in that RFI. In a recent (54th, but who’s counting) blog...
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Witnesses at a House Financial Services subcommittee hearing July 13 largely offered their support for legislation to repeal the current DOL fiduciary rule and direct the Securities and Exchange Commission to take the lead in regulating the standards of care for investment advice.Of the five...
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Yet another piece of legislation is being readied to repeal the fiduciary regulation.This particular bill has been crafted by Rep. Ann Wagner (R-MO), no stranger to legislative efforts to roll back the fiduciary regulation. She introduced legislation to repeal the fiduciary regulation in 2015. The...
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The last word one would associate with the Department of Labor’s (DOL) fiduciary rule is “dispassionate.” But that accurately describes a new report by the Congressional Research Service (CRS) concerning the rule.The Congressional Research Service, known as Congress' think tank, is a public policy...
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The Department of Labor (DOL) may be reviewing the impact of the fiduciary rule, but they’d still like the court to dismiss challenges to it. On July 3, the DOL urged the U.S. Court of Appeals for the 5th Circuit to (mostly) uphold the fiduciary regulation, saying that the plaintiffs in the case...
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The comment period on the fiduciary rule request for information (RFI) is short — and it started July 6.The Department of Labor’s (DOL) Employee Benefit Security Administration (EBSA) announced that it would publish its request for information on the fiduciary rule in the Federal Register on...
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July is here. Obvious, but important for DB plans, DC plans and 403(b) annuity arrangements with calendar year plan years to keep that in mind, since that means the July 31 Form 5500 filing deadline for the 2016 plan year is not far off. The form must be filed by the end of the seventh month after...
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Securities and Exchange Commission Chairman Jay Clayton says that his agency must work with the Department of Labor (DOL) on the fiduciary rule. He made his comments during a June 27 appearance before the Senate Financial Services and General Government Subcommittee to present the SEC’s fiscal year...
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The Department of Labor (DOL) has issued its request for comments on a potential delay in the Jan. 1, 2018, applicability date of certain provisions of the fiduciary regulation — but it’s a short window.Specifically, the Request for Information (RFI) — which had been submitted to the Office of...
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There’s an old regulation that has new meaning under the new fiduciary regulation — and it could catch new fiduciaries, as well as broker-dealers — by surprise.That “old” regulation is the 408(b)(2) regulation which, beginning in 2012, required that service providers to ERISA-governed retirement...
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The Department of Labor recently issued a set of FAQs on the fiduciary rule. In MarketBeat, we discuss a blog post by Fred Reish in which he points out that one of those FAQs “raises some significant issues” for broker-dealers and RIAs.
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The DOL fiduciary rule — at least significant parts of it — has now been implemented. The dust has just begun to settle, although it could be stirred up again at any time. But for now, the rule is in place. A recent analysis offers an assessment of where things stand.In a recent Forbes post, “New...
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Most of the debate about the fiduciary regulation has been focused on the cost of bad advice. But there’s another side to the issue, writes Nevin Adams in MarketBeat, who discusses the value of advisors and what they do.
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Suppose a charter school has 403(b) plans that were treated as ERISA plans, but then it qualifies as a public school, which would make it exempt from ERISA. In Tech Talk, Ray Harmon discusses what implications that has regarding filing the Form 5500.
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It’s heeeeere. But for many practitioners, practices and firms that read the tea leaves, the Department of Labor’s fiduciary rule has been a reality for a while and already has shaped what they do and how they do it.In “Retirement Plan Advisors — Managing Productivity and Risk,” a June 1 session of...
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The House of Representatives approved broad-based financial overhaul legislation on June 8 that seeks to repeal major provisions of the Dodd-Frank Act, as well as the Department of Labor’s now-effective fiduciary rule.Congressional Republicans have taken aim at repealing the Dodd-Frank Act since it...
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The Department of Labor (DOL) has taken its first step in the review of the fiduciary regulation ordered by President Trump earlier this year.That step was marked by the delivery of a request for information on the fiduciary rule to the White House Office of Management and Budget, according to the...
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A bill that would repeal some of the major provisions of Dodd-Frank and the DOL’s fiduciary rule will move to the House floor for a vote this week, something that did not happen in previous sessions for similar legislation. That said, even if the House passes it, its chances in the Senate are bleak...
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Having weathered some controversy over his stance on the fiduciary regulation, Labor Secretary Alexander Acosta is reportedly scheduling meetings with both advocates and critics of the rule, beginning May 30. Politico Pro reports that Acosta is scheduled to have a closed-door meeting today with a...
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The Department of Labor (DOL) has published a new set of FAQs about the fiduciary regulation, these focused on the so-called “transition period” from June 9, 2017 to Jan. 1, 2018. The big question on many minds is likely to be found in Question 4, which asks: “Will the Department make additional...
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