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SEC Issues
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...
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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...
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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...
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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...
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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...
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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...
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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,...
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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...
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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...
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Implementation of the Department of Labor’s fiduciary rule has been delayed, and the rule may not have the teeth it originally did. But it would be a mistake to assume that means a complete demise for a new fiduciary standard for advisors. That depends in part on what the Securities and Exchange...
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Securities and Exchange Commission Chairman Jay Clayton reiterated on Oct. 4 that he is “focused on the standards of conduct” for investment professionals. He made his remarks in testimony before the House Financial Services Committee concerning the SEC’s agenda, operation and budget.Clayton’s...
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Securities and Exchange Commission (SEC) Chairman Jay Clayton hopes that his agency can “properly tailor” an approach that will best address issues related to those the Department of Labor’s (DOL) fiduciary rule concerns. Clayton made his remark during his Sept. 26 testimony before the Senate...
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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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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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In a blog post on the fiduciary regulation, Fred Reish examines the components of a “best interest” process.The first step of a best interest, or prudent process, is to determine the information that is “relevant” to making a decision that is “informed.” In other words, Reish explains, what would a...
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Newly minted Securities and Exchange Commission Chairman Jay Clayton in a recent public comment said he welcomes the Department of Labor’s (DOL) invitation to take a look at the standards of conduct that are at the core of the DOL’s fiduciary rule.Clayton noted that although the DOL fiduciary rule...
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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....
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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...
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Securities and Exchange Commission (SEC) Chair Mary Jo White, after nearly four years as the agency’s head, has announced that she intends to leave at the end of the Obama administration.White, who became the 31st Chair of the SEC in April 2013, will be one of the Commission’s longest-serving...
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