Things I Worry About (10): FINRA Enforcement and Senior Investors (2)
Key Takeaways FINRA’s 2025 Annual Regulatory Oversight Report 2025-annual-regulatory-oversight-report.pdf included a focus on issues related to retirees and senior investors. The Report provides guidance to broker-dealers about the priorities of FINRA in its regulation, supervision and enforcement programs for broker-dealers. In other words, it is one of FINRA’s ways of telling the regulated community that […]
Things I Worry About (9): FINRA Enforcement and Senior Investors (1)
Key Takeaways FINRA’s 2024 Annual Regulatory Oversight Report 2024 FINRA Annual Regulatory Oversight Report | FINRA.org included a focus on issues related to retirees and senior investors. The Report provides guidance to broker-dealers about the priorities of FINRA in its regulation, supervision and enforcement programs for broker-dealers. In other words, it is one of FINRA’s […]
The New Fiduciary Rule (50): What is a Best Interest Process?
Key Takeaways The DOL’s new regulation defining fiduciary advice to include one-time recommendations has been stayed, but advisers who make ongoing individualized recommendations to ERISA-governed retirement plans, participants in those plans, and IRA owners continue to be fiduciaries subject to fiduciary standards. Those standards—prudence and loyalty—can be called a best interest standard. However, the SEC’s […]
The New Fiduciary Rule (49): Recommendations to Transfer IRAs (NAIC)
Key Takeaways Two Texas Federal District Courts have “stayed” the effective dates of the DOL’s new fiduciary regulation and related exemptions, meaning that the private sector will not have to comply with those rules until the cases are resolved and if the guidance is vacated, those rules will never be effective. As a result, one-time […]
The New Fiduciary Rule (48): Recommendations to Transfer IRAs (DOL)
Key Takeaways Two Texas Federal District Courts have “stayed” the effective dates of the DOL’s new fiduciary regulation and related exemptions, meaning that the private sector will not have to comply with those rules until the cases are resolved and if the guidance is vacated, those rules will never be effective. As a result, one-time […]
The New Fiduciary Rule (47): Recommendations to Transfer IRAs (SEC)
Key Takeaways Two Texas Federal District Courts have “stayed” the effective dates of the DOL’s new fiduciary regulation and related exemptions, meaning that the private sector will not have to comply with those rules until the cases are resolved. As a result, one-time recommendations to plans, participants and IRAs will not be fiduciary advice for […]
The New Fiduciary Rule (44): The Regulation and Exemptions are Stayed (4)—What Remains?
Key Takeaways Shortly after the DOL’s new regulation defining fiduciary advice and amended Prohibited Transaction Exemptions 2020-02 and 84-24 were finalized, two lawsuits were filed in Federal District Courts in Texas. The lawsuits sought to “vacate,” or overturn, the regulation and exemptions as being beyond the authority of the DOL. In addition, the plaintiffs requested […]