Fiduciary Rules and Practices
Nevada’s new law that imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers is now in effect; it also authorizes rules on fiduciary duty.SB 383, which Gov. Brian Sandoval (R) signed into law June 2, went into effect on July 1. The measure not only concerns duties...
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A group of lawmakers has responded to the Department of Labor’s (DOL) request for information (RFI) on the fiduciary regulation delay — by expressing concern that the RFI would be used as a pretext for revising the final rule.The group of Democratic Senators and Representatives — Sens. Patty Murray...
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The American Retirement Association (ARA) on July 17 sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) expressing its strong support for tax incentives to encourage retirement savings.“The goals of achieving a tax code that is efficient, fair, and increases the financial and...
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The House Education and the Workforce Committee approved legislation July 19 that would repeal the Department of Labor’s (DOL) fiduciary regulation.Not surprisingly, the 23-17 vote in support of the Affordable Retirement Advice for Savers Act (H.R. 2823) fell along party lines. The bill was...
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In a July 18 letter responding to the Labor Department’s request for information (RFI) on its fiduciary regulation, the American Retirement Association (ARA) has requested an extension of the applicability date — and a streamlined levelized fee exemption.Level ‘Better’The ARA had authored — and...
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Can a company refuse a non-residential 403(b) qualified loan to a 66 year old (still employed at her district) because the employee is within five years of age 70½? In Tech Talk, Susan Diehl tells us whether there are age restrictions related to 403(b) loans.
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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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“It is important that the Commission make all reasonable efforts to bring clarity and consistency” to “standards of conduct that investment professionals must follow in providing advice to Main Street investors,” Securities and Exchange Commission (SEC) Chairman Jay Clayton said on July 12. He made...
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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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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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With little fanfare and precious little notice, come July 1, 2017, broker-dealers and advisors doing business in Nevada will be subjected to a new fiduciary standard. Senate Bill 383, signed into law by Nevada Gov. Brian Sandoval (R) on June 2, revises the Nevada Securities Act to mandate that any...
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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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