Results for "fiduciary"

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CFP Board postpones enforcement of its revised fiduciary standard

July 16, 2019

Bowing to pressure from the broad financial advice industry as well as individual advisers, the Certified Financial Planner Board of Standards Inc. said Tuesday morning that it will delay the enforcement of its expanded fiduciary standard for...

CFP Board to announce possible delay of new fiduciary standard

July 12, 2019

The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. During a webinar Friday afternoon,...

Departure of Alexander Acosta could slow DOL effort to revise fiduciary rule

July 12, 2019

The resignation of Labor secretary Alexander Acosta on Friday could delay the agency's release of a replacement for its fiduciary rule. Under the Obama administration, the DOL issued a regulation that would have required brokers to act in the...

Labor Secretary Alexander Acosta resigns after furor over Jeffrey Epstein sex charges

July 12, 2019

Labor Secretary Alex Acosta, in a surprise appearance Friday with President Donald J. Trump, said that he would resign. "I thought the right thing was to step aside," Mr. Acosta told reporters at the White House. "It would be selfish for me...

Applauding the SEC's new approach to disclosure

July 11, 2019

The Financial Services Institute was pleased last month when the Securities and Exchange Commission passed Regulation Best Interest, a vital new rule that establishes a best-interest standard of care for all advisers on both the broker-dealer...

SEC member Peirce to brokers: Talk to us early, often about Reg BI implementation problems

July 11, 2019

Financial professionals may still be slogging through the nearly 1,400 pages of the investment advice reform package the Securities and Exchange Commission approved last month — but they should be working on implementation now, especially...

CFP Board may make decision this week on delaying enforcement of fiduciary standard

July 11, 2019

The board of directors of the Certified Financial Planner Board of Standards Inc. is meeting in Maine this week, and may decide to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. Approved...

SEC's Blass rebuts assertion Reg BI is tougher than fiduciary standard

July 10, 2019

Even before the Securities and Exchange Commission approved new investment advice reform rules in June, there was debate about whether the broker requirement would be tougher than the standard for investment advisers. One of the authors of the...

SEC head defends Reg BI, but only succeeds in igniting more criticism

July 9, 2019

Securities and Exchange Commission Chairman Jay Clayton took on critics of the agency's recently approved investment advice reform package in a lengthy defense Monday, but his remarks didn't calm the fierce debate. In a speech Monday in Boston...

SEC chairman Jay Clayton defends advice rule

July 9, 2019

U.S. Securities and Exchange Commission chairman Jay Clayton is striking back at critics who've said one of his signature regulatory achievements is a gift to Wall Street. The rules in question, passed by the SEC last month, were supposed to...

New York lawmaker works on bill to establish fiduciary duty for advisers in state

July 3, 2019

A New York lawmaker is working on legislation to raise investment advice requirements in the state. Assemblyman Jeffrey Dinowitz, D-Bronx, was the author of a bill that would have required financial advisers in the state to disclose whether...

Financial industry group asks CFP Board to back off if reps comply with Reg BI

July 2, 2019

A trade association representing regional financial services companies is asking the Certified Financial Planner Board of Standards Inc. to back down on enforcing the fiduciary duty associated with the credential if financial advisers are adhering...

Adviser regulation caught up in partisan era, making it hard to plan for future

June 27, 2019

Opponents of the Securities and Exchange Commission's recently approved investment advice reform — including the SEC member who voted against it — suggest the regulations will be revisited and changed by a new SEC in a Democratic administration....

Funding for Reg BI, other SEC advice reform efforts denied in Waters amendment

June 25, 2019

The House of Representatives is likely to approve this week legislation written by House Financial Services Committee chairwoman Maxine Waters, D-Calif., that effectively would kill the Securities and Exchange Commission's investment advice...

Congress members ask GAO to study fallout from death of DOL fiduciary rule

June 24, 2019

High-level Democrats in the Senate and House of Representatives have asked a congressional watchdog to study the fallout from the now-defunct Department of Labor fiduciary rule, including the regulation's effect on a wide range of business practices...

The pros and cons of state fiduciary rules

June 22, 2019

Just as one state this month announced its intention to pursue a fiduciary rule, another postponed its efforts amid industry pushback. It's been a series of starts and stops in states since threats to the Labor Department's fiduciary rule for...

Reg BI: How rollovers are changing under the new SEC rules

June 20, 2019

The Securities and Exchange Commission in early June made the most significant changes to investment-advice standards in more than two decades — and rollovers were no exception. Regulation Best Interest imposes a new standard for brokers,...

SEC clears up confusion over whether advisers can continue to call themselves fiduciaries

June 20, 2019

Investment advisers are free to describe themselves as fiduciaries and to market that standard of care to clients, despite a prohibition on the term in one part of a new Securities and Exchange Commission disclosure form. In its recently approved...

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

June 17, 2019

Under fire from critics, New Jersey has scheduled a public hearing and extended a deadline for public comment on a proposal that would impose a fiduciary duty on anyone giving investment advice, including brokers. The all-day hearing on July...

Galvin to propose fiduciary rule for Massachusetts brokers

June 14, 2019

Massachusetts will propose a rule that would mandate brokers and investment advisers apply a fiduciary standard of care in interactions with clients, Secretary of the Commonwealth William Galvin announced Friday afternoon. The Massachusetts...

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