‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInSEC’s Clayton: One Rule to Rule Them All – Barron’s
The SEC’s proposed best-interest rule should replace competing standards at the federal and state level, SEC chairman Jay Clayton says. “There are too many regulatory cooks in the kitchen,” he said Wednesday at a public forum in Philadelphia, according to The Wall Street Journal. Several states are in the process of creating their own advice […]
‘Fiduciary Rule’ Poised for Second Life Under Trump Administration – WSJ
The Securities and Exchange Commission is accelerating work on its own version of the “fiduciary rule,” a regulation issued by the Labor Department that put restraints on brokers handling retirement accounts. The SEC’s effort would affect all brokerage accounts—not just those for retirement funds—and could ban brokers from calling themselves financial advisers unless they accept […]
Can the SEC and DOL really harmonize advice standards for brokers and advisers? — InvestmentNews
As regulators struggle to harmonize retail-advice rules, blending them into a single fiduiciary standard, count on hearing some sour notes from the industry. In fact, nowhere is the debate over investment advice standards more discordant than surrounding the term “harmonization.” Over the next two years, harmonization will be at the heart of the work of […]
SEC Chairman Jay Clayton’s quest to forge a fiduciary standard
In his first month as chairman of the Securities and Exchange Commission, Jay Clayton put the wheels in motion to formulate a uniform fiduciary standard for brokers and investment advisers, something that eluded his two direct predecessors and which supporters and critics alike agree could be a herculean task. Sworn in on May 4, Mr. […]
Jay Clayton tells lawmakers SEC is drafting its own fiduciary duty rule – Pensions & Investments
SEC Chairman Jay Clayton told lawmakers on Wednesday that the agency is drafting a proposal for a fiduciary rule. The agency is trying to catch up with the Department of Labor, which partially implemented its own fiduciary rule in June and is currently conducting a review of the regulation’s enforcement mechanisms as ordered by President […]
DOL Rule Opens More FAs to Negligence Claims — Financial Advisor IQ
Whether you work in an RIA, or, since June 9, in a broker-dealer held to the Department of Labor’s fiduciary rule, you face heightened scrutiny for negligence compared with other wealth managers. The upshot? You could be guilty of negligence without even knowing it. Earlier this year Joseph Brenner, chief counsel of the SEC’s enforcement […]
SEC chairman promises action on fiduciary rule | Financial Planning
SEC Chairman Jay Clayton pledged to move forward on the fiduciary rule in a “coordinated” process with the Department of Labor. Clayton presented the agency’s trimmed-down $1.6 billion budget request before a Senate subcommittee Tuesday, noting more than half would pay for enforcement and examinations. The SEC and Labor Department must work together on “the […]
Now, Your Financial Advisers Will Have to Put You First (Sometimes) – The New York Times
The fiduciary rule — which was created under the Obama administration and has, for now, survived efforts to quash it — takes partial effect on Friday. That means all types of financial advisers, including brokers and insurance agents, must put their customers’ interests ahead of their own financial motives, at least when handling customers’ retirement […]