Regulation And Legislation

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Heeding tax winds, advisers chart new financial tactics for clients
REGULATION AND LEGISLATION MAY 10, 2021
Heeding tax winds, advisers chart new financial tactics for clients

Tax planning has become an urgent topic following President Joe Biden's proposal aimed at high earners and wealthy investors.

By Mark Schoeff Jr.
Advisers underwhelmed by Biden's first 100 days
REGULATION AND LEGISLATION MAY 07, 2021
Advisers underwhelmed by Biden's first 100 days

An unscientific poll of readers found 61% disapproving of Biden and 60% opposing his proposed tax increases. The survey was released on April 29, Biden’s 100th day in office.

By Mark Schoeff Jr.
Legislators ask GAO to review target-date funds
RETIREMENT PLANNING MAY 07, 2021
Legislators ask GAO to review target-date funds

The heads of the Senate and House committees overseeing labor want to know whether TDFs are working as advertised.

By InvestmentNews
GameStop legislation causes partisan fissures
REGULATION AND LEGISLATION MAY 07, 2021
GameStop legislation causes partisan fissures

Democratic bills address investor protection concerns related to the frenzy; Republicans warn against regulating ordinary investors out of the market.

By Mark Schoeff Jr.
What’s next for 401(k) litigation?
OPINION MAY 07, 2021
What’s next for 401(k) litigation?

While plaintiffs continue to develop many theories and new claims, one type of claim that has appeared with increasing frequency in 401(k) litigation 2.0 is an allegation that deciding to offer additional services to plans and their participants creates conflicts.

By David Levine
CalSavers upheld in US Court of Appeals case
RETIREMENT PLANNING MAY 07, 2021
CalSavers upheld in US Court of Appeals case

A three-judge panel in the U.S. Court of Appeals for the Ninth Circuit affirmed a district court’s dismissal of the case. The savings system is not a plan under the Employee Retirement Income Security Act and is therefore not preempted by the law, the panel wrote in the opinion published yesterday.

By Emile Hallez
Brokers raise billions for green land deals IRS calls tax scams
ALTERNATIVES MAY 07, 2021
Brokers raise billions for green land deals IRS calls tax scams

Expanded government crackdowns on syndicated conservation easement land deals are creating financial and legal headaches for some wealthy investors.

By Bloomberg
Gensler vows to ensure compliance with Reg BI ‘as written’
PRACTICE MANAGEMENT MAY 06, 2021
Gensler vows to ensure compliance with Reg BI ‘as written’

In his first appearance on Capitol Hill since being confirmed as SEC chair, Gensler also addressed ESG and the gamification of investing.

By Mark Schoeff Jr.
SEC chief signals new rules that could threaten Robinhood, Citadel
REGULATION AND LEGISLATION MAY 06, 2021
SEC chief signals new rules that could threaten Robinhood, Citadel

In remarks prepared for a House hearing Thursday, Gary Gensler shines a spotlight on online brokerages and market makers that dominate the business of executing retail investors' equity orders.

By Bloomberg
House panel unanimously passes SECURE 2.0
RETIREMENT PLANNING MAY 05, 2021
House panel unanimously passes SECURE 2.0

The bill, which advances to the House floor with a strong bipartisan push, would raise the RMD age from 72 to 75, among many other provisions.

By Mark Schoeff Jr.
Encouraging clients to name a trusted contact
OPINION MAY 04, 2021
Encouraging clients to name a trusted contact

Employing insights from behavioral finance when putting together the trusted contact form can increase the likelihood a client names a trusted contact, according to a recent report from the Ontario Securities Commission.

By Josh Jones
House committee poised to advance SECURE 2.0 retirement savings bill
RETIREMENT PLANNING MAY 04, 2021
House committee poised to advance SECURE 2.0 retirement savings bill

The bill, which builds on the SECURE Act, would raise the required minimum distribution age from 72 to 75 over 10 years.

By Mark Schoeff Jr.
Proxy voting adds ESG leverage to retirement plans
RIA NEWS MAY 04, 2021
Proxy voting adds ESG leverage to retirement plans

A new Morningstar report presents proxy voting as a backdoor entry to ESG investing for retirement plan participants. As advocates pressure for simpler proxy voting procedures, retail investors could gain considerable leverage.

By Jeff Benjamin
Robos roll out crypto offerings ahead of potential Bitcoin ETF
RIA NEWS MAY 04, 2021
Robos roll out crypto offerings ahead of potential Bitcoin ETF

Robo-advisers could be entryways for new market participants to gain access to crypto investing, while advocates wait for regulators to make a decision on a Bitcoin exchange-traded fund.

By Nicole Casperson
Biden tax rule would take billions from biggest fortunes at death
RETIREMENT PLANNING MAY 04, 2021
Biden tax rule would take billions from biggest fortunes at death

Ending the step-up in basis and raising the capital gains tax rate would amount to the biggest curb on dynastic wealth in decades.

By Bloomberg
Modernizing regulations to keep pace with technology
OPINION MAY 04, 2021
Modernizing regulations to keep pace with technology

Finra has allowed fully remote inspections during the pandemic, and the industry is now encouraging the regulator to make the temporary adjustments into long-term changes.

By Dale Brown
Ohio National broker pitched VA trades as 'infinite banking': Finra
LIFE INSURANCE AND ANNUITIES MAY 03, 2021
Ohio National broker pitched VA trades as 'infinite banking': Finra

The B-D's $1.3 million settlement with the regulator involves its failure to supervise adequately a complex series of transactions involving variable annuities and whole life insurance policies.

By Bruce Kelly
DOL's cybersecurity tips were needed, but 401(k)s shouldn't ask much from participants
OPINION MAY 03, 2021
DOL's cybersecurity tips were needed, but 401(k)s shouldn't ask much from participants

A system built around inaction shouldn’t expect people to become more involved with it, much less bear responsibility for keeping their accounts safe.

By Emile Hallez
ESG regulations in Europe map a clear path for the US
REGULATION AND LEGISLATION MAY 03, 2021
ESG regulations in Europe map a clear path for the US

Europe has led the way in the exploding market for socially responsible investing.

By InvestmentNews
Lowe's settles 401(k) suit, another university targeted
RETIREMENT PLANNING APR 30, 2021
Lowe's settles 401(k) suit, another university targeted

A plan participant sued the company on behalf of the class in 2018, alleging that Lowe’s and the plan’s investment consultant, Aon Hewitt Investment Consulting, violated their fiduciary duties in connection with a fund on the plan menu.

By Emile Hallez