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.
The model act is currently open for public comment until the end of the month, and if passed, it would be up to individual states to enact legislation.
Some retirement experts expressed surprise that the DOL's proposed exemption for fiduciaries included any expanded investor protections, but they also cautioned the changes lacked teeth.
The SEC charged Temenos Advisory and its CEO in July 2018 for putting $19 million of elderly clients’ retirement savings into four risky, illiquid private placements, without conducting the proper due diligence or disclosing the risks.
Despite a legal challenge and other controversies, implementation for the SEC’s long-awaited Regulation Best Interest is here, and the agency is set to begin examinations and enforcement.
The Department of Labor said the proposed rule would align with the SEC's Regulation Best Interest, while consumer advocates call it as a wishlist for the brokerage industry.
In light of the federal appeals court decision to uphold Reg BI, XYPN says it may take its case to the Supreme Court. Fiduciary advocates also expect more states to take action.
