States Look to Help Investors, With Fiduciary Rule in Flux

Kristen Ricaurte Knebel interviewed me for Bloomberg Law’s Pension & Benefits Daily, called “States Look to Help Investors, With Fiduciary Rule in Flux”. It’s a strong piece. I summed up my view of the current state of play: “We’re in a state of purgatory where we haven’t seen changes from the DOL yet, although we expect them. We haven’t seen anything from the SEC, but we know they’re working on it. It puts the industry in a tough spot right now.”

States Look to Help Investors, With Fiduciary Rule in Flux

The Labor Department is continuing to review the controversial Obama-era fiduciary rule to see if any changes should be made to it. Several states have decided they aren’t waiting for the outcome to try to protect some investors.

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Blog Authors

Sara P. Crovitz

Sara Crovitz, most recently Deputy Chief Counsel and Associate Director of the U.S. Securities and Exchange Commission’s Division of Investment Management, provides counsel on all aspects of investment company and investment adviser regulation. She worked at the SEC for 21 years, including 17 years in the Division of Investment Management focusing on issues under the Investment Company and Investment Advisers Acts of 1940. While in the Division, Sara supervised the provision of significant legal guidance to the investment management industry through no-action and interpretive letters, exemptive applications, IM guidance updates and other written and oral means.

William T. Mandia

William Mandia represents financial institutions and insurers in complex commercial and class action litigation. He regularly defends and advises life insurers, intermediaries, banks, broker-dealers, investment advisers, and other financial services providers in connection with sales practices claims arising from a wide range of financial and life insurance products, including, but not limited to, claims for alleged breach of fiduciary duty, fraud, and violations of state consumer protection laws.

Peter M. Hong

Peter Hong uses his many years of service at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to guide clients through the various regulatory requirements involved in the offer of financial services and products. His practice includes the registration and regulation of investment advisers, broker-dealers, commodity trading advisers, commodity pool operators, and introducing brokers under federal and state laws, as well as the formation and ongoing compliance obligations of registered and private investment companies.