The Department of Labor (DOL) and the Securities and Exchange Commission (SEC) are focusing on rollover recommendations and their impact on plan participants. The DOL has historically taken the position that a recommendation...more
11/19/2020
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Investment Adviser ,
IRA Rollovers ,
Plan Participants ,
Regulation Best Interest ,
Rollover Equity ,
Securities and Exchange Commission (SEC)
The Department of Labor’s Proposed Prohibited Transaction Exemption and its Impact on Recommendations to Plans, Participants and IRAs (Part 1)
On July 7, 2020 the DOL issued a proposed prohibited transaction exemption...more
Broker-dealers and investment advisers are now governed by a best interest standard of care. Those standards are based largely on the same fiduciary principles that are incorporated into the ERISA prudent man standard. The...more
10/21/2020
/ Broker-Dealer ,
Compliance ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary-Standards ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
Policies and Procedures ,
Prohibited Transactions ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
Our recent blog post compared the SEC’s standard of conduct for broker-dealers under Regulation Best Interest (Reg BI) with the standard of conduct for registered investment advisers (RIAs) under the SEC’s Interpretation...more
10/21/2020
/ Broker-Dealer ,
Compliance ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary-Standards ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
Policies and Procedures ,
Prohibited Transactions ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 created a new type of plan that may begin operating in 2021 called a pooled employer plan (PEP). A PEP is a plan in which multiple unrelated...more
As you may know, the Department of Labor has included the proposal of a new fiduciary rule on its Regulatory Agenda. The Agenda indicated that it would be issued in December of last year. But, of course, it hasn’t...more
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of articles entitled “Best Interest...more
11/14/2019
/ Benefit Plan Sponsors ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
IRA Rollovers ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of articles entitled “Best Interest...more
10/30/2019
/ 401k ,
Broker-Dealer ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Financial Services Industry ,
Investment Adviser ,
IRA Rollovers ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Standard of Care
The DOL’s newly released final regulation on “Association Retirement Plans” (ARPs) will make it easier for groups and associations of employers to jointly sponsor a combined 401(k) or other defined contribution plan. (These...more