Results for "fiduciary"

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Clayton: SEC left 'fiduciary' out of new advice rule to avoid investor confusion

May 23, 2018

Securities and Exchange Commission chairman Jay Clayton said the agency's proposal to raise investment-advice standards for brokers doesn't use the term "fiduciary" because it would have confused investors about the distinctions between brokers...

Indexed annuity sales rise in Q1 as DOL fiduciary rule stalls

May 22, 2018

Indexed annuities posted a double-digit increase in sales last quarter as the headwinds posed by the Labor Department's fiduciary rule dissipated. Broader economic developments, such as the market volatility during Q1 and rising interest rates,...

SEC official addresses criticism of best-interest standard for brokers

May 22, 2018

A Securities and Exchange Commission official defended the agency's proposal to raise investment-advice standards for brokers Tuesday, asserting it would increase investor protection while building on current broker rules. Last month, the SEC...

5th Circuit denies states' second attempt to defend DOL fiduciary rule

May 22, 2018

The Fifth Circuit Court of Appeals denied Tuesday another effort by attorneys general from California, New York and Oregon to defend the Labor Department's fiduciary rule. Last week, the states filed a motion asking the court to reconsider its...

Finra anticipates oversight role for SEC advice rule

May 21, 2018

Finra chief executive Robert Cook said the regulator is likely to play a role in oversight of a new broker investment-advice standard that the Securities and Exchange Commission is developing. Last month, the SEC released an investment-advice...

Pope Francis wants financial advisers to work like fiduciaries

May 18, 2018

Pope Francis weighed in on the debate over the need for a universal fiduciary standard for financial advisers Thursday in a wide critique of global finance that admonished advisers who worked against the best interests of their clients. Issued...

States trying to save DOL fiduciary rule appeal rejection of effort to intervene

May 17, 2018

This story has been updated with new material. Another attempt to appeal a federal court ruling striking down the Labor Department's fiduciary rule is keeping the measure viable for now, but it still faces long odds of defying death. California,...

Iowa insurance regulator cautions SEC about modifying suitability rule

May 10, 2018

A state insurance official on Thursday asserted that current investment-advice regulations for brokers are working and that modifying them under a proposal from the Securities and Exchange Commission could hamstring state regulators. Iowa Insurance...

SEC publishes advice rule, sets Aug. 7 comment deadline

May 9, 2018

The Federal Register published the Securities and Exchange Commission's investment advice reform proposal Wednesday, officially opening a comment period that will last until Aug. 7. The SEC voted 4-1 on April 18 to release the three-part proposal,...

Piwowar departure will complicate action on SEC advice rule

May 8, 2018

When Securities and Exchange Commission member Michael Piwowar departs July 7, it will make the agency's already heavy lift to promulgate an investment advice reform package even more of a backbreaker. Mr. Piwowar, a Republican, announced Monday...

Court ruling aside, for now DOL will rely on fiduciary rule to govern investment advice

May 7, 2018

Despite a court decision to vacate the Department of Labor's fiduciary rule, the DOL said it will continue to rely on the regulation for now to govern advice in retirement accounts. The 5th Circuit Court of Appeals was expected to issue a mandate...

Fiduciary advocates disagree SEC advice rule harmonizes standards

May 4, 2018

Securities and Exchange Commission chairman Jay Clayton is marketing the agency's recently released investment advice reform proposal as an effort to harmonize investment adviser and broker standards — an assertion that is drawing sharp disagreement...

As curtains close on DOL fiduciary rule, SEC advice rule takes center stage

May 3, 2018

It's appropriate that the likely demise of the Labor Department's fiduciary rule occurred during the same week that Tony Award nominations were announced. A day after the productions and performers competing for Broadway's top honors were revealed,...

5th Circuit denies AARP, states motion to defend DOL fiduciary rule

May 2, 2018

The Fifth Circuit Court of Appeals ruled Wednesday that AARP and three states cannot intervene in a lawsuit against the DOL fiduciary rule. The large interest group representing older Americans as well as the attorneys general of California,...

6 big questions about the SEC advice rule

May 2, 2018

Broker-dealers and investment advisers have had two weeks to dissect the Securities and Exchange Commission's proposed overhaul of investment-advice standards, and some big questions have begun to emerge. Here are some of the most pressing issues...

Justice Department lets deadline to defend DOL fiduciary rule pass. What's next?

May 1, 2018

A key deadline has passed without the Labor Department acting to defend its fiduciary rule in court. But the measure isn't dead yet. The Department of Justice, acting on behalf of the DOL, had until Monday to appeal a March 15 split decision...

SEC advice rule faces arduous journey

April 30, 2018

On April 18, the Securities and Exchange Commission released its much-anticipated "fiduciary" rule proposal, "designed to enhance the quality and transparency of investors' relationships with investment advisers and broker-dealers while preserving...

Fiduciary watchers say problems with SEC advice rule portend long slog

April 26, 2018

An investment advice reform proposal released by the Securities and Exchange Commission last week has shortcomings that will result in a long slog to final regulations — or perhaps a journey that stops short of that destination, a leading...

AARP seeks to defend DOL fiduciary rule in 5th Circuit

April 26, 2018

One of the most powerful proponents for the Labor Department's fiduciary rule will try to protect the measure in court, where it could die as early as Monday. AARP, the massive interest group for retired Americans, said Thursday it will file...

SEC advice rule: Jay Clayton says brokers must adhere to 'fiduciary principles'

April 26, 2018

The head of the Securities and Exchange Commission said Thursday that brokers would be governed by "fiduciary principles" under the agency's newly proposed investment-advice rule, but argued they also deserve a different standard of care from...

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