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SEC chief Jay Clayton tells lawmakers agency is drafting its own fiduciary duty rule

October 4, 2017

Securities and Exchange Commission Chairman Jay Clayton told lawmakers on Wednesday that the agency is drafting a proposal for a fiduciary rule. The agency is trying to catch up with the Department of Labor, which partially implemented its own...

DOL fiduciary rule: Challenges for RIAs under the BICE

September 29, 2017

On Aug. 31, the Department of Labor proposed to extend the applicability date for the full best-interest contract exemption to July 1, 2019. In all likelihood, that proposal will be finalized before the end of the year. With that in mind, what...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

Wagner introduces bill to kill DOL fiduciary rule

September 27, 2017

Rep. Ann Wagner, R-Mo., introduced a bill on Wednesday that would kill the Labor Department's fiduciary rule and establish a best-interests investment standard. The measure, first released in the form of a discussion draft in July, would require...

SEC's Clayton says agency is 'pushing' toward a fiduciary rule, working with DOL

September 26, 2017

For the past week, Securities and Exchange Commission Chairman Jay Clayton has had his hands full dealing with cybersecurity, following the agency's disclosure of a breach that may have led to illegal trading. But he told lawmakers on Tuesday...

Do you really want states to take the lead on fiduciary?

September 23, 2017

The Trump​ administration's proposed delay in the implementation of key parts of the Labor Department's fiduciary rule, and possible elimination of them, has opened a can of worms for the financial services industry. Those segments of the...

Odd letter highlights fiduciary concerns in Puerto Rico

September 21, 2017

Even when a broker is a fiduciary, he can certainly fail to act like one. Take, for example, the case of Oriental Financial Services Corp. It is a small broker-dealer that is part of a larger financial services company based in San Juan, Puerto...

Nevada fiduciary law raises concerns among retirement professionals, brokerage industry

September 18, 2017

A new Nevada law expanding the fiduciary responsibilities of certain financial professionals could have implications well beyond the border of the Silver State, supporters and critics agree — for significantly different reasons. Enacted in...

Broker-dealers and RIAs at loggerheads over fiduciary rule delay

September 15, 2017

Broker-dealers and registered investment advisers are very much at odds over any potential delay of the Department of Labor's fiduciary rule. Broker-dealers in a full-throated roar are supporting the Department of Labor's proposed 18-month delay...

SEC fines SunTrust for recommending higher-cost fund shares

September 14, 2017

The Securities and Exchange Commission has charged a unit of SunTrust Banks with improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available, costing investors more than $1.1...

Provision of House spending bill would kill DOL fiduciary rule

September 13, 2017

The House is moving toward approval of a spending bill that contains a provision to kill the Labor Department's fiduciary rule, the latest attempt by congressional Republicans to use legislative means to stop the regulation. The House was set...

Meet the SEC nominees: One opposes the DOL fiduciary rule, one is a blank slate

September 12, 2017

One of the Trump administration's Securities and Exchange Commission nominees has doubts about the Labor Department's fiduciary rule and seems to favor disclosure as the best approach to investment advice standards. The other nominee is a blank...

DOL fiduciary rule has enforcement gaps — and they could widen

September 11, 2017

The Department of Labor's fiduciary rule, as it's currently written, has some enforcement gaps. And they could widen, especially for annuity products, depending on how the Trump administration's review of the rule shakes out. The primary enforcement...

Saying you are a fiduciary does not mean you are a fiduciary

September 11, 2017

Have you noticed the plethora of recent headlines of bad advisers cheating clients? In case you missed them, here are a few from just the last few weeks: • SEC says RIA stole $1 million from clients, using some of it to support gambling habit...

Our best tool against the DOL fiduciary rule is data

September 8, 2017

As an advocacy organization, one of our most powerful tools in the ongoing effort to oppose the onerous Department of Labor (DOL) fiduciary rule is to ensure that regulators, lawmakers and the public hear detailed, quantitative information on...

Congress likely to 'push down' the priority of killing DOL fiduciary rule

September 7, 2017

A main congressional opponent of the Department of Labor's fiduciary rule said Thursday that Capitol Hill's swelling political agenda will decrease the priority level of taking up legislation to kill the rule. "Right now, you've got a debt-ceiling...

Dalia Blass could tackle fiduciary standard as first order of business at SEC

September 6, 2017

Dalia Blass' first order of business as head of the Securities and Exchange Commission's Division of Investment Management could be to shape the agency's position on a fiduciary standard. "I'm going to be surprised if that's not the first order...

Battle lines form as SEC considers new fiduciary rule

September 6, 2017

The Securities and Exchange Commission should not blend investment-advice standards that apply to investment advisers and brokers, as the agency considers a new advice rule, the Investment Adviser Association said in a recent comment letter....

Sen. Elizabeth Warren urges DOL to implement fiduciary rule without delay

September 5, 2017

Sen. Elizabeth Warren (D-Mass.) has sent a letter to Labor Secretary Alexander Acosta asking him to implement the fiduciary rule in full, and not press forward with a delay of its partial applicability from January 2018 to July 2019. A delay,...

The challenge of the longer lifespan

September 1, 2017

"Live long and prosper," Star Trek's Mr. Spock and his fellow Vulcans liked to say as a valedictory blessing. But for most people, living long will pose the greatest threat to their prosperity, cautions "We'll Live to 100 – How Can We Afford...

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