News & Analysis as of

Securities and Exchange Commission (SEC) Retirement Plan Broker-Dealer

Faegre Drinker Biddle & Reath LLP

Things I Worry About (10): FINRA Enforcement and Senior Investors (2)

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

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (49): Recommendations to Transfer IRAs (NAIC)

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

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (47): Recommendations to Transfer IRAs (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. As a...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (43): The Regulation and Exemptions are Stayed (3)—What Remains?

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

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (42):The Regulation and Exemptions are Stayed (2)—What Remains?

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

SEC Compliance Consultants, Inc. (SEC³)

What Advisers Need to Know Now About Giving Rollover Advice after September 23, 2024

This article was originally published on Kitces.com, on May 15, 2024, and is available at at DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now about Giving Rollover Advice After September...more

Carlton Fields

Expect Focus - Volume II, May 2024

Carlton Fields on

Last Lap in SEC RILA Rulemaking Critical Unresolved Issues - Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - May 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Faegre Drinker Biddle & Reath LLP

The SEC’s 2024 Examination Priorities: Impact on IRAs and Retirement Plans

The SEC Division of Examinations recently released its 2024 Examination Priorities (2024-exam-priorities.pdf (sec.gov)). While the Priorities cover a range issues, this article focuses on the Priorities that could impact...more

Faegre Drinker Biddle & Reath LLP

Rollover Recommendations – Do the SEC and DOL Requirements Align?

The SEC and the DOL have separately issued guidance on rollover recommendations – however, a close examination indicates that the guidance by both agencies is very similar. The SEC’s guidance for broker-dealers is in...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #97: The SEC Requirements for Rollover Recommendations

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including rollovers),...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #94: Maintenance of Documentation for Compliance with PTE 2020-02

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #92: Consideration of Costs in the Evaluation of Rollovers

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #91: Rollover Recommendations to Participants in Government Plans

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #89: Rollovers and the Information That Is Needed About the Participant

The DOL’s expanded definition of fiduciary advice was described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #87: Specific Reasons for Rollover Recommendations That Won’t Work (Part 1)

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in...more

Goodwin

SEC Staff Provides Guidance on Broker-Dealer and Investment Adviser Standards of Conduct For Account and Rollover Recommendations...

Goodwin on

U.S. Securities and Exchange Commission staff recently published a bulletin reiterating the standards of conduct applicable to broker-dealers and investment advisers when making account recommendations to retail investors....more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #77: Compliance with PTE 2020-02: Mitigation of Incentive Effects of Payout Grids...

This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #76: Compliance with PTE 2020-02: Mitigation of Conflicts (Part 3)

This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #75: Compliance with PTE 2020-02: Mitigation of Conflicts (Part 2)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ◾ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ◾ In FAQ 16, the DOL...more

Faegre Drinker Biddle & Reath LLP

Interest Standard of Care for Advisors #66: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation (Part...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #65: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #63: Compliance with PTE 2020-02: Acknowledgement of Fiduciary Status

The DOL “Fiduciary Rule,” FAQ 13: Written Acknowledgement of Fiduciary Status - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #59

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #58

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

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