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SEC Issues

The federal government’s updated unified regulatory agenda has shed light on the status of the Securities and Exchange Commission’s and Department of Labor’s efforts on investment advice and the now-vacated fiduciary rule. The SEC’s updated regulatory agenda confirms that the agency has set a... READ MORE
Retirement plans do not exist in an ERISA “bubble,” and the SEC’s proposed Rule 30e-3 3 which it issued this past June will fundamentally rework the manner in which mutual fund prospectuses, proxy material and other fund reports are delivered to shareholders. In MarketBeat, Robert Toth argues that... READ MORE
While the Securities and Exchange Commissioners were hardly unanimous in their assessment, they voted 4-1 to release for public comment a set of proposals to “enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a... READ MORE
Editor’s Note: ERISA Tips is a new feature for the 403(b) Advisor. It is provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b)... READ MORE
True to its word, the Securities and Exchange Commission has announced a settlement with a broker-dealer and investment advisor that it says overcharged retirement account customers for mutual fund shares.According to the SEC’s order, Ameriprise Financial Services Inc. disadvantaged certain... READ MORE
Action by the Securities and Exchange Commission (SEC) due to breaches of fiduciary duty, inadequate disclosures and compliance deficiencies has prompted a registered investment adviser to stop certain practices and to issue rebates and credits to some of its clients, which include small to medium... READ MORE
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... READ MORE
“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... READ MORE
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... READ MORE
President Trump’s nominees for Labor Secretary and SEC Chairman finally have hearing dates.The Senate Health Education Labor & Pensions Committee has announced that there will be a full committee hearing on the nomination of Alex Acosta to serve as Secretary of Labor on March 15 at 1:30 p.m. ET... READ MORE
The Securities and Exchange Commission’s Acting Chairman Michael Piwowar is, to put it mildly, no fan of the Department of Labor’s fiduciary rule. But he doesn’t stop there — recent reports say he advocates rethinking a fiduciary standard, period. Piwowar recently called it a “terrible, horrible,... READ MORE
Much of the preparation for the Labor Department’s fiduciary regulation has involved a focus on rollover advice — but it now looks like the Securities and Exchange Commission (SEC) is gearing up a larger focus as well.A new blog post from noted ERISA attorney Fred Reish reminds that the SEC’s... READ MORE
The Securities and Exchange Commission (SEC) on Jan. 17 announced that 10 firms have agreed to pay penalties to settle charges that they violated the SEC’s pay-to-play rule by receiving compensation from public pension funds within two years after the firms’ associates made campaign contributions.... READ MORE
Retirement investments and advice are among the examination priorities of the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) for 2017, the SEC said on Jan. 12. The OCIE’s priorities reflect a continuing focus on protecting retail investors, says... READ MORE
Retirement investments and advice are among the examination priorities of the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) for 2017, the SEC said on Jan. 12. The OCIE’s priorities reflect a continuing focus on protecting retail investors, says... READ MORE
Securities and Exchange Commission (SEC) Chair Mary Jo White has reiterated that her agency’s fiduciary rule is coming, but “not any time soon.” White made her remarks on Sept. 27 at the Securities Industry and Financial Markets Association’s capital markets conference annual meeting in Washington... READ MORE
Broker-dealers and registered representatives must link to FINRA’s BrokerCheck website on their home pages and any pages on their websites featuring profiles of representatives who work with retail investors. This requirement came into effect after the Securities and Exchange Commission approved a... READ MORE
Securities and Exchange Commission Chair Mary Jo White told the Senate Committee on Banking, Housing, and Urban Affairs on June 14 that her agency is indeed working on a fiduciary rule of its own, but will not be issuing it anytime soon. She made her remarks in testimony to the committee as part of... READ MORE
The Securities and Exchange Commission plans to issue a “personalized investment advice standard of conduct” in the spring of 2017, according to the agency’s latest regulatory plan.The SEC’s Division of Trading and Markets and Division of Investment Management are considering jointly proposing a... READ MORE
Sen. Elizabeth Warren (D-Mass.) is turning up the heat on financial services firms that have opposed the Department of Labor’s (DOL) pending fiduciary regulation.Having expressed concerns a few weeks ago to Secretary of Labor Thomas Perez and Office of Management and Budget Director Shaun Donovan (... READ MORE

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