The plaintiff takes issue with a so-called "layering scheme" in BlackRock's fund structure, whereby a fund's underlying proprietary investments charge additional fees that "cannibalize" returns for employees.
Disciplinary proceedings will determine whether a firm or an adviser exerted undue influence over "vulnerable individuals or individuals with diminished capacity."
Regulators should launch a full-scale investigation into how to avoid putting firms into double jeopardy.
Sure, the delay of the DOL fiduciary rule is big news. But there are other important matters going on in Washington.
The lawsuit is the first among similar cases to proceed to hearings on summary judgment, and may be telling as to how future judges rule.
The bills are similar to ones introduced in the previous Congress, but failed to pass commitee.
The regulator sees difference in compliance levels between W-2 and affiliated advisers, says Peter Driscoll, acting director of the SEC's Office of Compliance Inspections and Examinations.
Financial industry opponents continue their losing streak in court
Regardless of whether the fiduciary rule is ultimately repealed, advisers say it is becoming more popular among consumers.
But the Labor Department says 'there is little basis for concluding that advisers need still more time before they will be ready to give advice that is in the best interest of retirement investors.'
The full Senate is expected to vote on the nomination later this month.
The commission's March 30 opinion clears the way for Ms. Bennett to move forward with her federal court claims that the agency's in-house forum is unconstitutional.
Agency pushes back implementation date just before April 10 deadline
Under the measure, the April 10 applicability date will be pushed back to June 9.
New fiduciary standard will lead industry forward regardless of DOL rule outcome.
If you succeed in warning clients away from just one scam or fraud, their gratitude, respect and loyalty will be unsurpassed
Nominee had conversations with Peter Thiel, Rebecca Mercer, Stephen Bannon and Carl Ichan as some Democrats question whether he will be a tough regulator.
Regardless of DOL gridlock, RIAs are embracing their fiduciary status and promoting it to prospective clients.
