Lawmakers Ask DOL to Start Over on Fiduciary Rule
“We feel it is in the interest of our constituents that the DOL repropose this fiduciary regulation,” lawmakers tell Labor’s Thomas Perez.
DOL Fiduciary Redraft Will Be Changed, Top Official Says
DOL is ‘committed’ to fiduciary redraft but not ‘wedded to any particular’ wording or text, says DOL’s Hauser.
DOL Fiduciary Foes Said to Be Writing Best-Interest Standard Bill
The Department of Labor’s plan to revamp the definition of fiduciary under ERISA is likely to face yet another legislative hurdle.
SEC Panel: 2 Big Problems With Advisor Background Checks
Investors don’t check advisor and rep backgrounds, and the data itself can be problematic.
SEC’s Ability to Deliver True Fiduciary Standard in Doubt: Report
Institute for the Fiduciary Standard says the SEC believes "conflicts are routine and acceptable — not inherently inconsistent with providing objective advice.”
SEC's White Supports Fiduciary Rule for Brokers, Third-Party Audits
While many in the industry are applauding SEC Chairwoman Mary Jo White's declaration that she will push to ensure the agency extends a fiduciary rule for brokers, concerns remain that such a rule will be a long time in the making.
Bill to Delay DOL Fiduciary Rulemaking Is Revived
Rep. Ann Wagner, R-Mo., has reintroduced a bill to force the DOL to wait until the SEC makes its own fiduciary rule.
Obama Endorses DOL Fiduciary Redraft, Girds for Fight
“If you want to give financial advice, you have to put your clients’ interest first,” Obama said Monday, blasting “backdoor payments” and high fees.
Obama Signals Support for DOL Fiduciary Redraft
As both sides gird for battle over the DOL measure, expected to be released any day now, the White House appears ready to lend support.
SEC Needs More Funding to ‘Solve’ Advisor Exam Deficiency
While there “may be ways” that the SEC can reallocate its existing resources to accommodate a higher advisor exam rate, the SEC “cannot solve this [exam deficiency] problem without additional resources from Congress."