The DOL's move comes days after a Dallas federal judge upheld the rule, dealing a setback to financial industry attempts to kill the measure.#DOL: Word on the street is that the DOL has sent a proposal to the OMB to delay the applicability date for the #fiduciary rule by 180 days.
— fred reish (@fredreish) February 9, 2017
In an 81-page ruling, Chief Judge Barbara M.G. Lynn of the Northern District of Texas granted summary judgment to the DOL. She shot down each of the major arguments submitted by the plaintiffs, a group of nine financial industry trade groups including the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association, the Financial Services Institute, the Financial Services Roundtable and the Insured Retirement Institute. On Feb. 3, President Donald J. Trump directed the DOL to review the rule to determine whether it harms investors or firms, and encouraged the agency to amend or rescind the measure if it does. The Labor Department under former President Barack Obama first proposed the rule in September 2010. Amid a flood of criticism from the financial services industry, that proposal was withdrawn a year later. In April 2015 it was reintroduced with significant modifications. It was made final on April 6, 2016. (Related read: The latest news and resources on the DOL fiduciary rule)It is reported that DOL sent OMB proposal today to delay #FiduciaryRule 180 days w/ 15-day notice/comment period. We'll keep you posted...
— Jason C. Roberts (@JasonRobertsESQ) February 10, 2017
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave