More On Legal & Compliancefrom The Advisor's Professional Library
- Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law. The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
- U.S. Securities and Exchange Commission Information This information sheet contains general information about certain provisions of the Investment Advisers Act of 1940 and selected rules under the Advisers Act. It also provides information about the resources available from the SEC to help advisors understand and comply with these laws and rules.
Brad Campbell, the former head of the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA), predicted Tuesday that the DOL won’t release its reproposed fiduciary rule until after the presidential election in November.
Campbell (left), who is now a lawyer with the law firm Drinker Biddle & Reath in Washington, said at the Insured Retirement Institute’s (IRI) government, legal and regulatory conference in Washington that Labor has not sent a rule proposal to the White House’s Office of Management and Budget (OMB) within the last six months, something he called “an unusual dry spell” for the department. Even if Labor sent its reproposal to the White House today, he said, it usually takes three months before an approval is issued.
If President Obama wins re-election, however, Campbell said DOL’s rule amending the definition of fiduciary under the Employee Retirement Income Security Act (ERISA), will quickly appear at OMB. If Obama wins a second term, Campbell said, “we will see a renewed push for more aggressive regulation, with [DOL’s] fiduciary proposal being one aspect of that,” he said.