Three members of Stradley’s Fiduciary Governance Group are currently presenting on the SEC’s significant rulemaking re. broker-dealer and investment adviser standards of conduct. Larry Stadulis is the first to speak and tackles Reg BI. The policy objectives of Reg BI are:
- designed to improve consumer protection, particularly against conflicts of interest;
- designed to help retail investors to better understand and compare investment options and clarity over standards of conduct.
Larry notes that Reg BI does not impose “full blown fiduciary status” on broker-dealers and that there is not a uniform fiduciary standard for investment advisers and broker-dealers.
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.