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PRO Act opponents target new bill that could curtail independent advisers
The bill, drafted by Senate Finance Committee Chair Ron Wyden, D-Ore., is aimed at reforming the unemployment compensation system, and could restrict use of the independent contractor classification. However, the proposed legislation lacks bipartisan support.
Trade groups step up fight against bill they say threatens independent advisers
Opponents contend the measure, known as the PRO Act, could negate independent-contractor agreements between advisers and financial firms.
Advisers’ independent contractor status must be protected at the federal level
The Department of Labor's withdrawal of a Trump-era rule has added to advisers' confusion about working as independent contractors, a model that benefits them and their clients.
FSI vows to monitor Reg BI ‘regulation by enforcement’
The Financial Services Institute is worried about how the agency might expand Reg BI's reach. The problem is tied to setting new disclosure standards through enforcement initiative, rather than doing so through rulemaking.
FSI sues to stop withdrawal of DOL independent contractor rule
The overturned Trump regulation would have provided certainty to independent brokers and advisers, FSI said. But an advocacy group says DOL has the authority to go in a different direction.
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.
FSI to offer lower-cost health insurance plan to members
The trade group says its members could save as much as 50% over the cost of health coverage on the open market.
Bill that could make independent advisers employees faces Senate stall
The measure has drawn strong opposition from financial industry trade associations. In a March 4 letter to House leaders, 14 groups warned that the bill 'would cause significant disruption to the independent financial services and property casualty insurance industries and the customers we serve.'
Pandemic prompts brokerages to seek relaxed in-person inspection requirements
Member firms and trade associations representing them told Finra their pandemic experience has shown that supervisors don’t need to look over the shoulders of registered reps physically to ensure they’re following the rules.
FSI advocacy priorities for 2021
For independent advisory firms and advisers, the Biden administration’s approach to regulation will be among the most consequential outcomes of the November elections.
FSI opposes union organizing bill because of potential effect on advisers
A change in test governing whether workers are classified as employees or independent contractors could upend the business models of FSI members.
Financial Services Institute defends Reg BI under new administration
Fiduciary advocates are pressing the Securities and Exchange Commission to overhaul the measure. FSI and other industry groups will lobby to keep it intact.
Driving progress during an unprecedented year
The challenges of the pandemic were magnified by the implementation of the SEC's Reg BI
Protecting independent contractor status for advisers
Proposed Labor Department amendments to the Fair Labor Standards Act and pending legislation in the Senate are the latest challenges in this area
Trade groups join push for e-delivery of investment documents
SIFMA, Investment Adviser Association, and others, are pushing the SEC to make electronic delivery the default option
Outspent by Wall Street, investor advocates focus on educating lawmakers on advice issues
One goal is to fortify Democratic opposition to Reg BI
SEC share-class crackdown could spell the end for 12b-1 fees
The latest case has some experts wondering if any level of disclosure will suffice
New DOL advice proposal is a step forward
Two areas for further improvement are the measure's disclosure proposal and its stance on rollovers
Restoring tax break for advice fees faces challenge in pandemic relief negotiations
Trump demands a payroll tax cut; lawmakers may not open gates to smaller provisions
SEC rule resets regulatory landscape
Reg BI should serve as a ‘true north’ for state officials and other regulatory agencies that are working on their own standards
