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United States: SEC requests comment on broker-dealer and investment adviser digital engagement practices
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SEC Cyber Violations a Guessing Game, say Observers
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DOL Fiduciary Rule’s Impact Will Be Felt by Advisors, Brokers The Biden administration announced last week the fiduciary exemption would take effect as scheduled, but legal experts argue the rule has some serious teeth that will impact client relationships with advisors and broker/dealers.
As the Department of Labor said Friday that the fiduciary exemption finalized in the waning weeks of the Trump administration would go into effect Tuesday, Feb. 16, as scheduled, it also indicated that the department would release “related guidance” in the days ahead for investors, plans and providers alike. This has left industry participants and experts looking ahead to what form this guidance may take.
Gary Gensler
Fiduciary Advocates Hail Biden s Pick for SEC Chair As chair of Maryland s Financial Consumer Protection Commission, Gary Gensler advocated for a client-first fiduciary standard for broker/dealers as well as anyone who holds themselves out as an advisor.
President-elect Joe Biden officially named Gary Gensler as his nominee for chairman of the Securities and Exchange Commission on Monday, confirming previous reports. If confirmed by the Senate, Gensler would join the other four commissioners and take over from Jay Clayton, who left the position at the end of last year. Gensler s nomination was among a number of announcements on the administration s posts, including the choice of Rohit Chopra as director of the Consumer Financial Protection Bureau.
DOL Releases Final Version of Fiduciary Rule The new rule allows fiduciaries in retirement plans to be exempt from certain prohibited transactions provided they adhere to a number of impartial conduct standards.
The Trump administration s Department of Labor released a finalized version of its fiduciary proposal Tuesday, a day after the White House’s Office of Management and Budget completed its final review. But the rule goes into effect after Joe Biden’s inauguration as the nation’s 46th president, leaving the rule vulnerable to change under the new administration.
The new rule is entitled “Improving Investment Advice for Workers & Retirees Exemption” and allows fiduciaries to be exempt from certain prohibited transactions provided they adhere to a number of “impartial conduct standards,” which include a best interest standard, a reasonable compensation standard and a requirement that they make no materially misleading statements.
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