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SEC Issues

First the Labor Department announced a target for a fiduciary rule redo – and now the Securities and Exchange Commission has announced a review of its Regulation Best Interest. The SEC has announced a meeting on June 5 where it “…will consider whether to adopt a new rule to establish a standard of... READ MORE
“Best interest” is a very familiar term after the last decade plus of discussion of fiduciary rules and standards. But its meaning is still a bit fluid and certainly wide-ranging. In a recent blog post, Fred Reish discusses what “best interest” really means. “‘Best Interest’ has become part of the... READ MORE
At a recent event in Washington, SEC Commissioner Kara Stein provided her take on retirement readiness in the United States and what she thinks can be done to improve it. In a conversation with the Brookings Institution,Stein painted a sobering picture. “Although everyone’s ideal retirement might... READ MORE
Trump administration officials are focusing on a former SEC enforcement attorney to replace Democratic Commissioner Kara Stein, who must step down by the end of the year, Bloomberg reported Aug. 6.Allison H. Lee served as a general attorney in the SEC’s Denver office from 2005 to 2013, followed by... READ MORE
The American Retirement Association has weighed in on the SEC’s Regulation Best Interest proposal.Overall, the ARA’s Aug. 3 comment letter commends the commission’s efforts to tailor the proposed rules to “preserve investor choice with regard to business models and compensation practices in a... READ MORE
Securities and Exchange Commissioner Hester Peirce on July 24 argued that the proposed Regulation Best Interest would set clear standards, even though the word “fiduciary” is not directly incorporated in the proposal.Addressing critics who remain unsatisfied, Peirce, who was sworn in in January... READ MORE
How does the best interest standard of care in the SEC’s Regulation Best Interest compare to the standard of care in the DOL’s Best Interest Contract Exemption (BICE)? Well, having previously outlined the similarities between those two, in his most recent blog post noted ERISA attorney Fred Reish... READ MORE
President Trump has nominated Senate Banking Committee aide Elad Roisman to serve as a Republican member of the Securities and Exchange Commission (SEC).Roisman, who currently serves as Chief Counsel to the Senate Banking, Housing and Urban Affairs Committee under Chairman Mike Crapo (R-ID), would... READ MORE
The Securities and Exchange Commission (SEC) approved a proposal on June 4 that it says will improve the method for delivering fund shareholder reports to investors in mutual funds, ETFs and other investment funds.The SEC also announced that it is inviting comments on improving the fund disclosures... READ MORE
Robert Kaplan, the American Retirement Association’s Director of Technical Education, provided a look at recent regulatory and legislative developments in a May 22 ASPPA webcast.Kaplan began the Second Quarter 2018 Washington Update webcast with a discussion of fiduciary rules. He noted that the U.... READ MORE
One of the most vocal critics of the Labor Department’s fiduciary rule is leaving the Securities and Exchange Commission — with a mammoth advice proposal out for public comment. SEC Commissioner Michael Piwowar announced May 7 that he intends to step down from the SEC on July 7, after serving... READ MORE
Leading ERISA legal minds believe the Securities and Exchange Commission’s proposals to establish new standards of conduct for broker-dealers (BDs) and investment advisers (IAs) still need a lot of work.The SEC on April 18 voted 4-1 to release for public comment two new rules and one new piece of... READ MORE
My schedule – and aversion to crowds – means that I rarely see a new movie the first weekend it comes out (a rare exception – Avengers: Infinity War).While this means that there are times when I’m the only one in the office the following Monday who hasn’t seen the latest blockbuster (and thus can’t... READ MORE
Despite the 4-1 vote by the Securities and Exchange Commission to release for public comment its fiduciary proposals, the commissioners apparently (still) have issues with the current version.In unveiling the package, SEC Commissioner Jay Clayton stated as motivations for this initiative:investor... 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
The Securities and Exchange Commission has announced plans for an open meeting to consider the agency’s long-awaited — and much anticipated — fiduciary proposal.According to a notice on the SEC’s website, the meeting will be held on Wednesday, April 18, 2018, at 3:30 p.m. at the Commission’s... READ MORE
In a recent blog post, Fred Reish focuses on the issue of “reasonable compensation” for RIAs, broker-dealers and their advisors for their services to retirement plans and IRAs (qualified accounts), and what, if any, changes will be made to that requirement, going on to state that the myth here is... READ MORE
In its FY 2019 budget request, the Securities and Exchange Commission is seeking a slight increase in funding for inspections and examinations. The SEC’s Office of Compliance Inspections and Examinations (OCIE), whose mission is to protect investors, ensure market integrity, improve compliance,... READ MORE
The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) has retirement savers in mind this year. The OCIE on Feb. 7 announced its 2018 examination priorities.The OCIE says that its protection of those saving for retirement will include focusing... READ MORE
A recent analysis suggests that the SEC’s take on a fiduciary standard may be inching closer to that of the DOL.In “SEC Enforcement Slowly Tilting Fiduciary Needle toward ERISA,” an article appearing on the Corporate Compliance Insights website, Duane Thompson argues that “the SEC’s examination and... READ MORE

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