SEC, DOL Enforcement: Cohen’s SAC Capital Faces Criminal Charges
The SAC Capital insider trading scandal featured in enforcement actions this week, along with SEC charges against the City of Miami and a DOL settlement with the trustee of a defunct garment company’s pension plan.
AICPA Attacks DOL Fiduciary Plan’s ESOP Language
AICPA urges lawmakers to support bills that would ensure independent appraisers of ESOP are not designated as fiduciaries.
DOL Fiduciary Redraft Has ‘Left the Station’
The confirmation of Assistant Attorney General Tom Perez as the new secretary for the Department of Labor on Thursday will not hinder the DOL’s release of its fiduciary reproposal, which the department says will come in October.
Advisors See Small 401(k)s as Ripe With Opportunity
Why? Ninety percent of plans have less than $10 million in assets, and their advisors worry less about becoming fiduciaries, according to Guardian Financial Services announced on Monday.
Incompatibility Is Standard
“It is critical the [fiduciary] standards of conduct put out by the SEC and DOL applicable to investment professionals be compatible,” Bill Lowe, president of Sammons Retirement Solutions, told the SEC in his June 4 comment letter.
DOL, SEC Enforcement: CEO Steals Detroit Police, Firefighter Pension Cash to Buy Strip Malls
The CEO of MayfieldGentry Realty Advisors in Detroit was charged along with four others for stealing $3.1 million from the pension fund; meanwhile, Whittier Trust was slammed for insider trading.
Senate Introduces Lifetime Income Disclosure Act
Senators on Wednesday introduced a bill to allow workers in retirement plans to receive an annual statement of how their lump-sum savings translate into a lifetime stream of monthly income.
DOL’s Borzi: Fiduciary Redraft Out a Couple of Months After July
The DOL's reproposed fiduciary rule will likely be released a "couple" of months after July, Phyllis Borzi, assistant secretary for EBSA, said during a Tuesday afternoon meeting with the ERISA Advisory Council.
JPMorgan, ADP to Wind Up 180 Abandoned DC Plans
DOL announced that it had approved a process for JPMorgan Chase and ADP to terminate and wind up about 180 DC pension plans abandoned due to corporate crises or neglect.
The 2013 IA 25: Advisor Advocates and Regulators
Since the financial crisis, advisors have had to defend their businesses from wary consumers, overzealous legislators and sometimes even other advisors whose unscrupulous actions would cast good advisors in the same shadow as bad advisors.