The trade group for independent broker-dealers will take the offensive in trying to shape the kind of fiduciary standard it believes will be advantageous for its business in the future.
The North American Securities Administrators Association's model rule requires that financial advisers report suspected abuse to state and other authorities, allows them to stop disbursements from seniors' accounts and gives them protection from liability.
The self-regulatory organization is planning to investigate 100 to 200 brokers who pose the greatest risk to investors.
The DOL could propose a delay that would be subject to public comment, or the administration could issue an interim rule seeking delay based on "good cause."
Trump administration could put regulation on hold while courts decide its legality
Lobbyists say the move could come as soon as Friday afternoon, or Monday, in the form of a directive to acting agency heads to postpone and review regulations that aren't yet operational.
The brokers used an "in-and-out" scheme in roughly two dozen client accounts, which created "enormous losses," according to the SEC.
Allegations include receiving travel, prostitutes and drugs for steering business to two broker-dealers.
It's not clear how President-elect Donald J. Trump's nominee for Treasury secretary, Steven Mnuchin, would approach the Treasury estate-tax rule.
Letter to 33 companies asks six questions, including whether they support the delay or would reverse course on changes already implemented if a delay occurs.
Ms. White is departing the agency at noon on Friday, just as President-elect Donald Trump is sworn-in.
The most surprising aspect of the second round of adviser FAQs is they concentrate on behaviors that will legally and appropriately circumvent fiduciary accountability.
If granted, the change would make it easier for some indexed annuity distributors to sell commission products under the Labor Department regulation.
A Consumer Federation of America report says broker-dealers and trade groups claim they are advisers when marketing to the public but salesmen when fighting the DOL fiduciary rule in court.
Advicent's Naviplan software will broaden advisers' view of client financial picture.
Differentiating themselves from brokers would be easier now that debate has raised investor awareness of the role of a fiduciary
CEO says he got the idea by talking to firms during a "listening tour" shortly after taking over the reins of the securities industry regulator.
Connecticut adviser John W. Rafal obtained a new client with accounts in excess of $100 million, and agreed to pay the referring attorney $50,000 annually from the advisory fees paid, according to the SEC.
The regulator makes it a top priority for 2017, establishing an exam unit to ferret out rogue brokers and scrutinizing how firms supervise them.
