Finally, there's voice of reason entering the policy harangue over the Department of Labor's Fiduciary Rule ... even if it's coming through an unusual outlet. In a May 23 Wall Street Journal opinion piece, new Labor Secretary Acosta announced that DOL won't further delay the implementation of DOL's Fiduciary Rule past June 9.
To recap the bidding:
Tired of foot-dragging by the SEC and Wall Street on adopting an industry-wide fiduciary standard (notwithstanding everyone's agreement in principle), the Obama administration spent over 6 years forging ahead through the Department of ...
On Monday, May 22, the SEC stayed all its administrative proceedings assigned to an ALJ in which a Respondent has an option for review by the 10th Circuit. (Securities laws provide appellate review of SEC administrative proceedings in the Respondent's choice of the Circuit for her State of residence or the D.C. Circuit). The stay will remain in place until Supreme Court action on the agency's expected cert petition in Bandimere or further Commission order.
In Bandimere v. SEC, 844 F. 3d 11689 (10th Cir. 2016), reh'g denied, 2017 WL 1717498 (May 3, 2017)(No. 15-9586), the Tenth Circuit ...
The Department of Labor fiduciary rule was supposed to be implemented on April 10, 2017. That date was pushed back to June 9 so that it could be reassessed, and possibly modified or even repealed. The rule as it stands would require financial advisors to act in the best interests of their clients in retirement accounts. If the rule is repealed, what does that mean for the standard and the industry?
FINRA chairman John Brennan recently explained that even if the DOL fiduciary rule is repealed, "it has elevated and put into plain language the idea of providing investment advice that's better ...