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SEC, DOL Strike Info Sharing Accord

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The SEC and Department of Labor (DOL) entered into a Memorandum of Understanding (MOU) July 29 in which they will share information on retirement and investments on the $5.8 trillion in retirement assets of American workers, retirees, and their families held in employee benefit plans.

According to a release announcing the agreement, the MOU establishes a process for the DOL’s Employee Benefits Security Administration and SEC staffs to share information and meet regularly to discuss matters of mutual interest. These include examination findings and trends, enforcement cases, and regulatory requirements that impact the missions of both agencies. The DOL has oversight over 401(k) and other retirement plans as well as plan participants, while the SEC oversees, among other areas, brokerages, investment advisors, and mutual funds.

Both agencies will designate points of contact in their regional offices to facilitate communications among staff on enforcement and examination matters, the release states. “The agreement also will expedite the sharing of non-public information regarding investment advisors and other subjects of mutual interest between the two agencies. Additionally, DOL and SEC will cross-train staff under the agreement with the goal of enhancing each agency’s understanding of the other’s mission and investigative jurisdiction.”