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SEC Issues

A proposal by the Securities and Exchange Commission to alter the way open-end funds operate could have a detrimental impact on retirement savers if implemented. Among the provisions of this requirement is that an order to purchase or redeem a fund’s shares would be executed at the current day’s... READ MORE
The New York-based firm has agreed to settle alleged fraud charges brought by the Securities and Exchange Commission concerning investor fees.  According to the SEC’s July 18 order, Equitable agreed to pay $50 million for providing account statements to about 1.4 million variable annuity investors... READ MORE
The American Retirement Association has extended its support for the Securities and Exchange Commission’s review of company disclosures relating to climate change-related information.  “We believe that financial disclosures play an important role in meeting the needs and demands of retirement plan... READ MORE
The Securities and Exchange Commission has announced that President Donald J. Trump has designated SEC Commissioner Elad L. Roisman as Acting Chairman of the agency. He steps into the role vacated by Jay Clayton, who had previously announced his intention to conclude his tenure at the end of this... READ MORE
Considering that many firms have modified their normal operating procedures and moved to a company-wide telework environment, the Securities and Exchange Commission is urging firms to take extra steps to ensure the safety of its investors’ assets.    Among other things, the eight-page Risk Alert... READ MORE
The Securities and Exchange Commission (SEC) on July 28 announced that it has reached a $40 million settlement with VALIC Financial Advisors (VFA) over failing to disclose payments to promote services to Florida educators.   The SEC charged VFA, a financial services vendor in nearly every school... READ MORE
The Security and Exchange Commission (SEC) is putting sales of 403(b) plans to teachers under its scrutiny. Where did this come from? And what does it mean?   In June 2019, the SEC announced two new initiatives that it said built on its ongoing efforts to protect retail investors: The Teachers’... READ MORE
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events. Live Webcasts ASPPA Webcast: Loans: Correcting Taxation, Qualification and Fiduciary Failures Wednesday, Jan. 15, 2020 2:00 - 3:40 p.m. ET Speaker:... READ MORE
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