Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Regulation and Compliance > Federal Regulation > SEC

FPA Calls for CFP Board to Delay Enforcement of New Ethics Standards

By Melanie Waddell

X
Your article was successfully shared with the contacts you provided.

The Financial Planning Association is urging the Certified Financial Planner Board of Standards to delay the enforcement of its new fiduciary ethics standards to June 30, 2020, so that compliance coincides with the effective date of the SEC’s advice-standards package.

In a Monday letter to the board, the FPA said that delaying the standards’ enforcement date is warranted as CFPs will “be able to fully integrate the new SEC rules and new CFP Board Standards under their Compliance Obligation one time rather than having to make changes twice nine months apart.”

FPA reiterated its support for the CFP Board Standards taking effect on Oct. 1, and stated that extending the enforcement date “will not detract from the essential policy direction CFP Board has undertaken through the promulgation of the new Standards, which will still become effective” on Oct. 1.

FPA also told the board that its members come from “all backgrounds and business models,” and that some CFPs “will need additional time to educate themselves on the Standards and make the necessary business adjustments to ensure full compliance.”

The CFP Board said Tuesday that “our Board will be discussing, among other things, the requests of FPA and other organizations to provide additional flexibility in the enforcement date of the new Code and Standards, which remain effective October 1, 2019.”

Melanie Waddell

@Think_MelanieW

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.