‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInLabor Dept shelving enforcement of fiduciary rule after court decision
The 5th Circuit Court of Appeals ruled on March 15 that the Labor Department overstepped its authority by creating the so-called fiduciary rule, parts of which went into effect last year. In general, the rule requires advisors and brokers to put their clients’ interests before their own when advising on retirement accounts such as 401(k) […]
SEC’s Clayton says agency is ‘pushing’ toward a fiduciary rule, working with DOL
But there also was bipartisan interest in the SEC’s work on a rule to raise investment advice standards for brokers and its efforts to catch up with the Department of Labor, whose own fiduciary rule for retirement accounts partially went into effect in June. The DOL has proposed delaying the Jan. 1 applicability date for […]
FINRA Could Step In If DOL Fiduciary Rule Is Repealed–And That’s Good News – Focus on Funds – Barrons.com
Even in a best-case scenario for brokers, in which the new administration succeeds in repealing the DOL’s fiduciary rule and the SEC doesn’t pursue a version of its own, FINRA could still step in to impose its own rule, as it’s free from pressure from the president. (FINRA was of course on record as against […]