Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
Additionally, Virginia closed its public comment period for its own regulation based on the National Association for Insurance Commissioners' model rule from last year.
Staff continue to incorporate Reg BI compliance into the SEC's examination and enforcement processes; Commissioner Caroline Crenshaw believes this data will illuminate whether the rule is working as promised, or whether changes may be required.
The Department of Labor also announced it would not enforce a rule concerning proxy voting, saying it had heard from stakeholders that the rules had a 'chilling effect on appropriate integration of ESG factors in investment decisions.'
The plan includes an extension of jobless benefits, another round of direct household payments, money for state and local governments and an expansion of vaccinations and virus-testing programs.
Peter Driscoll, the SEC's Division of Examinations director, said some firms had not responded to the commission even after multiple attempts to reach them.
SEC Commissioner Hester Peirce says the agency should put out more guidance before taking enforcement action on ESG and climate risk disclosure issues.
After some doubt, the SEC's final rule allowing client testimonials will go into effect May 4. "I’m sure there’ll be people who want to press it and hit the gas pedal."
