The law firm Stradley Ronon has launched a Fiduciary Governance Group staffed with former Securities and Exchange Commission officials to help advisors and broker-dealers navigate the "multiple and conflicting" sets of fiduciary standards.
"Whether it's complying with the Department of Labor fiduciary rule, a new Securities and Exchange Commission fiduciary standard, or emerging state investment advice laws," the new group will guide financial institutions on handling the compliance risk in a "holistic fashion and, where possible, create harmonized procedures that satisfy multiple applicable fiduciary rules and standards," said Stradley Ronon attorneys George Michael Gerstein and Larry Stadulis, the group's co-chairs, in a Tuesday statement.
The 15-member governance team includes David Grim, the former director of the SEC's Division of Investment Management, as well as Sara Crovitz, formerly the IM division's deputy chief counsel and associate director, as well as attorneys specializing in federal and state securities, banking, insurance and ERISA/governmental plan law.
Both Grim and Crovitz joined Stradely Ronon's investment practice group in mid-March.
