Results for "fiduciary"

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Trump administration puts potential new hurdle in path of Regulation Best Interest

April 15, 2019

A new regulatory requirement could slow down the Securities and Exchange Commission's investment advice reform proposal and crimp the agency's ability to issue guidance on other rules. Last week, the Trump administration's Office of Management...

New Jersey releases rule to impose fiduciary duty on brokers

April 15, 2019

New Jersey brokers would have to meet a higher investment advice standard under a rule proposed Monday. The measure would impose fiduciary duty on brokers, subjecting them to a higher requirement than the current suitability standard they must...

SEC member Robert Jackson Jr. calls for 'bipartisan' Regulation Best Interest

April 8, 2019

Securities and Exchange Commission member Robert Jackson Jr. urged his colleagues to approve an advice reform rule across party lines so that it can withstand court challenges. "Fundamentally, this can and should be a bipartisan effort of the...

New SEC nominee may not have time to influence Reg BI

April 3, 2019

Allison H. Lee may not join the Securities and Exchange Commission in time to influence the agency's final investment advice reform rule. Ms. Lee, a former SEC enforcement official, was nominated by the Trump administration Tuesday to replace...

Maryland fiduciary bill killed in committee

April 3, 2019

A bill that would have raised investment advice standards in Maryland suffered a major setback Wednesday when it was rejected in committee. The Maryland Senate Finance Committee voted down the Financial Consumer Protection Act, which included...

NASAA president calls on Congress to prevent advisers, brokers from putting their interests ahead of clients'

April 2, 2019

Main Street investors are an engine of prosperity that drives our nation forward, and when we empower them by putting their interests first, our capital markets, our economy and our country all win. A team approach is necessary to best safeguard...

Democrats back legislation to require investor-testing of SEC advice rule

March 27, 2019

House Democrats backed legislation Wednesday that would require the Securities and Exchange Commission to make sure its new advice rule gives investors the information they need to make an informed decision when hiring a financial adviser. Under...

Clayton says disclosure sufficiently mitigates some conflicts under Reg BI

March 26, 2019

Securities and Exchange Commission chairman Jay Clayton said brokers' disclosure of conflicts of interest would sufficiently address some of them under a measure to raise investment advice standards. The agency's proposed Regulation Best Interest...

Merrill adds to 401(k) fiduciary services

March 25, 2019

Merrill is expanding its roster of fiduciary services available to 401(k) clients, a move that comes amid a broader push by wirehouses and large brokerage firms to change the way they work with smaller retirement plans. Merrill announced Monday...

House Democrats call on SEC to strengthen Regulation Best Interest

March 14, 2019

House Democrats are calling on the Securities and Exchange Commission to strengthen its investment advice reform proposal. In the first hearing about the measure since the party took over the House in last year's elections, Rep. Carolyn Maloney,...

Opponents of Maryland fiduciary bill tell lawmakers to wait on SEC

March 13, 2019

Opponents of a Maryland bill that would raise investment advice standards for the state's brokers and insurance agents told lawmakers Wednesday to wait for the Securities and Exchange Commission to go first on advice reform. But a supporter...

Morgan Stanley threatens to pull out of Nevada over state's fiduciary rule

March 13, 2019

Morgan Stanley has threatened to cease offering brokerage services in Nevada as a result of the state's proposed fiduciary rule. In a recent comment letter about the advice rule, the wirehouse said that parts of it were "far too narrow" for...

ACLI comes off bench to support legislation requiring employers offer access to retirement plans

March 12, 2019

The American Council of Life Insurers announced Tuesday it would back legislation to require employers to establish retirement savings plans for their workers. Rep. Richard Neal, D-Mass., previously sponsored bills that would have required companies...

State securities regulators back Nevada's fiduciary rule proposal

March 7, 2019

While an organization representing state securities regulators focuses on guiding the direction of the U.S. Securities and Exchange Commission's investment advice reform proposal, the group also is supporting a separate Nevada effort to raise...

House Democrats question whether investors are protected under Regulation Best Interest

March 6, 2019

House Democrats have concerns about whether the Securities and Exchange Commission's investment advice reform proposal will do enough to protect investors from conflicts of interest. They will seek more information on the measure next week....

FSI's top advocacy priorities for 2019

March 5, 2019

As the Financial Services Institute celebrates 15 years of advocating on behalf of independent firms and advisers across the country, we are very pleased that our voice in Washington, D.C., and the states has continued to grow in influence —...

NASAA distances itself from state fiduciary efforts, wants Reg BI to succeed

March 5, 2019

State regulators are putting some distance between themselves and state lawmakers pushing for state-level investment advice reform regulations. Legislative and regulatory efforts are underway in Nevada, New Jersey and Maryland to raise the broker...

Adviser trade associations, investor advocates split on Nevada's authority to implement fiduciary rule

March 1, 2019

Financial industry and investment adviser trade associations and investor advocates split Friday on whether Nevada can implement its own investment advice standard. In comment letters filed on Nevada's proposal to strengthen advice rules, the...

Key Senate Democrat raises concerns about SEC advice reform proposal

February 28, 2019

A key Senate Democrat raised concerns about the Securities and Exchange Commission's investment advice reform proposal Thursday, signaling the party will resist the measure as the agency tries to settle on a final rule. Sen. Sherrod Brown, D-Ohio...

SEC Regulation Best Interest allows harmful broker practices, state regulators say

February 25, 2019

State securities regulators are warning the Securities and Exchange Commission that the agency's investment advice reform proposal will allow brokers to continue practices that harm investors. The North American Securities Administrators Association...

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