Key Takeaways
- FINRA’s 2025 Annual Regulatory Oversight Report 2025-annual-regulatory-oversight-report.pdf included a focus on issues related to retirees and senior investors.
- The Report provides guidance to...more
3/24/2025
/ Broker-Dealer ,
Elder Abuse ,
Financial Institutions ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
Regulation BI ,
Regulatory Agenda ,
Regulatory Requirements ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Among other things, FINRA is focusing on services and recommendations by broker-dealers and their registered representatives to retirees, senior investors and investors with diminished capacity.
The Report has one part...more
2/11/2025
/ Broker-Dealer ,
Department of Labor (DOL) ,
Diminished Capacity ,
Enforcement ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investor Protection ,
IRA Rollovers ,
Registered Investment Advisors ,
Regulation Best Interest ,
Regulatory Agenda ,
Retirement ,
Retirement Plan ,
Securities Regulation ,
Senior Investors
The DOL’s EBSA has a number of programs that can restore benefits to plans and participants. Those include:
- Civil investigations.
- Criminal investigations.
- Informal compliant resolutions.
- Correction...more
1/29/2025
/ 401k ,
Benefit Plan Sponsors ,
Compliance ,
Cybersecurity ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Fiduciary Duty ,
Investigations ,
Investment Adviser ,
Retirement Plan
The SEC’s Division of Examinations issued its 2025 Exam Priorities a few months ago. 2025-exam-priorities.pdf Many articles have been written about those priorities, but none—at least that I have seen—have addressed the focus...more
This starts a new series of blog posts…Things I Worry About. I will number these, but they will be more episodic than sequential.
SECURE Act 2.0 was enacted on December 29, 2022. Among its provisions is a requirement that...more
10/28/2024
/ 401k ,
403(b) Plans ,
Automatic Enrollment ,
Benefit Plan Sponsors ,
Disqualification ,
Eligibility ,
Employees ,
Employer Liability Issues ,
Investment Adviser ,
Retirement Plan ,
SECURE Act
If you study the rules of the various standard-setters, a pattern emerges about their expectations for the process for developing a best interest recommendation. The DOL and SEC are consistent in that regard, while the NAIC...more
The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” DOL fiduciary regulation (the 5-part test) and the existing exemptions continue in effect indefinitely....more
9/30/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
NAIC ,
Regulation Best Interest ,
Regulatory Reform ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” DOL fiduciary regulation (the 5-part test) and the existing exemptions continue in effect indefinitely....more
9/17/2024
/ Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
NAIC ,
PTEs ,
Regulation Best Interest ,
Regulation BI ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The effective date of the DOL’s new expansive fiduciary rule and the amendments to Prohibited Transaction Exemption (PTE) 2020-02 has been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE....more
9/12/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda ,
Regulatory Requirements ,
Retirement Plan
The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” DOL fiduciary regulation (the 5-part test) and the existing exemptions continue in effect indefinitely. As a...more
9/9/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
NAIC ,
Regulation Best Interest ,
Regulation BI ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” fiduciary regulation (the 5-part test) and the amended exemptions continue in effect indefinitely. As a result,...more
8/27/2024
/ Annuities ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
NAIC ,
New Regulations ,
PTEs ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more
8/19/2024
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investment Management ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Securities and Exchange Commission (SEC)
Two recent Texas court decisions stayed the fast-approaching September 23, 2024, effective date of the DOL’s new fiduciary rule (including both the new regulation re-defining “fiduciary” investment advice and the related...more
The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more
8/6/2024
/ Annuities ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more
8/1/2024
/ Annuities ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Retirement Plan
The Department of Labor’s final regulation defining fiduciary status for investment advice to retirement investors will be effective this September 23. Where a fiduciary recommendation results in additional compensation for...more
7/22/2024
/ Annuities ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Exemptions ,
Fiduciary Rule ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Licensing Rules ,
New Rules ,
Prohibited Transactions ,
PTE 84-24 ,
Retirement Plan
The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTEs 2020-02 and 84-24. The exemptions...more
7/12/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Disclosure ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Investors ,
Prohibited Transactions ,
PTE 84-24 ,
Retirement Plan
The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTE 2020-02 and 84-24. The exemptions provide...more
6/18/2024
/ Department of Labor (DOL) ,
Employee Benefits ,
Employer Liability Issues ,
Fiduciary Rule ,
Financial Institutions ,
Insurance Agents ,
Insurance Industry ,
Investment Adviser ,
Investment Management ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
Retirement Plan
The Department of Labor’s (DOL) final regulation defining fiduciary status for investment advice to retirement investors is effective on September 23, 2024. The related exemptions—PTE 2020-02 and 84-24—are partially effective...more
6/4/2024
/ Department of Labor (DOL) ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
The DOL’s new fiduciary advice rule, effective September 23, 2024, will cause many one-time recommendations to be fiduciary advice. As a result, many more recommendations to retirement investors—private sector retirement...more
The DOL’s final regulation defining non-discretionary fiduciary advice will be effective on September 23 of this year.
If a conflicted fiduciary recommendation is made, the requirements (called “conditions”) of PTEs...more
On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more
5/20/2024
/ Annuities ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Fiduciary Rule ,
Financial Institutions ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulation Best Interest ,
Retirement Plan
On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more
On April 25, 2024, the Department of Labor published its final regulation on defining fiduciary status for investment advice, and the related exemptions, in the Federal Register. The exemptions provide relief from prohibited...more
5/9/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The DOL’s fiduciary regulation and the amended Prohibited Transaction Exemptions (PTEs) 2020-02 and 84-24 will be effective on September 23 of this year.
However, some of the requirements (called “conditions”) of PTEs...more