The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 14): The Two Compensation Requirements: Reasonable Compensation and Mitigation-
This series focused on the DOL’s new fiduciary “rule”. This post is the 14th in...more
5/11/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 13): The Two Compensation Requirements: Reasonable Compensation and Mitigation-
On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02...more
5/4/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 12): The Requirement that Investment Advisers and Broker-Dealers to Receive No More Than Reasonable Compensation -
On February 16, 2021, the DOL’s prohibited...more
4/28/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTEs ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 7) -
On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more
3/23/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor (DOL) confirmed on February 12 that the Trump-era Prohibited Transaction Exemption 2020-02 (PTE) would go into effect as scheduled on February 16, 2021. The PTE will likely affect the business of...more
3/23/2021
/ Broker-Dealer ,
Compliance ,
Department of Labor (DOL) ,
Exemptions ,
Fiduciary Duty ,
Investment Adviser ,
IRA Rollovers ,
New Guidance ,
Policies and Procedures ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 6) -
On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more
3/17/2021
/ 401k ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
On December 18, 2020, the DOL issued its final prohibited transaction exemption (PTE) that permits investment advisers, broker-dealers, banks and insurance companies, and their representatives, to receive conflicted...more
3/10/2021
/ Banks ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Exemptions ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Securities and Exchange Commission (SEC)
On December 18, 2020, the DOL issued its final prohibited transaction exemption (PTE) that will allow conflicted compensation resulting from nondiscretionary fiduciary investment advice. The PTE is titled “Improving...more
The Department of Labor’s Proposed Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 3): Investment Adviser Considerations -
On December 18, 2020, the DOL issued its...more
1/27/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Exemptions ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
IRS ,
Plan Participants ,
Prohibited Transactions ,
Regulation BI
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