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.”
Fiduciary September and What’s Possible
What we learned during Fiduciary September from John Bogle, John Taft, Barbara Roper, Troy Paredes and Robert Plaze.
DOL Pressing Forward on Fiduciary
According to the Semiannual Regulatory Agenda for the Department of Labor’s Employee Benefits Security Administration, a reproposal to amend the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) will come in October.
SEC Swears In 2 Commissioners; FINRA Names New Governors
Kara Stein and Michael Piwowar, both former congressional staffers, are new SEC commissioners, replacing Elisse Walter and Troy Paredes.
Senate Confirms Stein, Piwowar as SEC Commissioners
The new SEC commissioners replace Elisse Walter and Troy Paredes.
Fiduciary Stumbling Blocks Surface
Several potential stumbling blocks have surfaced in the past couple of months that could stymie—or outright derail—release of fiduciary rules by the SEC and DOL.
SEC Fiduciary Rule Unlikely in Dodd-Frank’s Third Year of Life
Advisors, including Harold Evensky, and industry officials are increasingly pessimistic that the year will bring a uniform fiduciary rule. However, the first designation of an asset management firm as systemically important could be coming soon.
SEC Nominees Vote Tabled Due to Lack of Quorum
Meanwhile, the Senate confirmed Richard Cordray as CFPB director.
SEC Nominees Support Changing ‘Neither Admit Nor Deny’ Policy
President Obama’s two SEC commissioner nominees voiced their support during their confirmation hearing Thursday for requiring admissions of guilt in some settlements.
Senate Banking to Hold Confirmation Hearing for New SEC Commissioners
The Senate Banking Committee will hold a confirmation hearing Monday for President Obama’s SEC nominees, Kara Stein and Michael Piwowar.