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.
A Simple Solution: Let's Call an Advisor an Adviser
Over the past year or so, many advisor industry observers have become disillusioned about the SEC's chances of complying with its Dodd-Frank mandate to create a fiduciary standard for brokers that's “no less stringent” than the 1940 Act.
Paid Tax Preparers Should Be Regulated, Consumer Groups Say
More than half of all tax returns are prepared by paid tax preparers, only 40% of whom are subject to mandatory professional standards, coalition says.
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 Tests Effectiveness of Disclosures; Fiduciary Rule Pending
As a decision regarding a fiduciary rulemaking hangs in the balance, two SEC commissioners are espousing “investor testing” as a way to help the agency better disclose broker and advisor standards of care.
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."
In Broker Harmonization Debate, the SEC Is the Real Problem
The current debate over the regulation of brokers and investment advisors has been raging for almost four years now, ever since President Obama signed the Dodd-Frank Act into law back in 2010.
Lawmakers Push Vote on Spending Bill; SEC Funding Boosted
Lawmakers avert shutdown with a deal late Tuesday, but critics call it a “stealth attack on financial reform.”
SEC Pushes to Test Effectiveness of Investor Disclosures
“We should formulate a plan to incorporate thorough investor testing into as many of our projects as possible,” SEC Commissioner Kara Stein said.
‘Faulty’ Analysis Could Torpedo an SEC Fiduciary Rule: Advocates
SEC’s analysis on a fiduciary rule must be “thorough and well-reasoned,” as a “faulty analysis could doom or further delay” prospects for reform.