Tuesday marks the close of a public comment period for the Securities and Exchange Commission’s Regulation Best Interest, a recasting of the politically imploded fiduciary standards crafted during the Obama administration by the Department of Labor. Ahead of the Aug. 7 deadline, proponents, opponents, and the not-entirely convinced weighed in with nearly equal parts praise and concern.
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.