Fiduciary Governance Group – Day 1

Fiduciary Governance Group – Day 1

SEC Feels ‘Sense of Urgency’ on Fiduciary Standards

One of our newest colleagues, Dave Grim, former Director of the SEC’s Division of Investment Management, was interviewed by Ignites discussing the SEC’s new sense of urgency surrounding the fiduciary rule. (subscription required)

Is title reform the answer to the fiduciary debate?

George Michael Gerstein interviewed by WSJ on Fifth Circuit’s decision to strike down DOL Fiduciary Rule

We continue to wait-and-see how the DOL proceeds and whether a rehearing or appeal will be sought.

Appeals court knocks out DOL rule

Would reforming use of the title ‘adviser’ mesh with the DOL fiduciary rule?

Another State Jumps into Fiduciary Fracas with Bill

Danielle Verbrigghe of FT’s Fund Fire interviewed me on the state fiduciary developments, including the latest on Maryland. I discussed many of the initiatives that are taking place prior to action by the SEC and next steps by the DOL, and said, in part: “Certainly, that does raise the specter of a confusing patchwork of regulations, potentially, if the various states take different approaches. And they seem to be taking different approaches.” The full article can be found here (subscription required)

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.”

Most DC executives not aware of their fiduciary duties

Interesting data from Jennifer DeLong and her good team at AllianceBernstein on the misunderstanding of which activities and roles trigger fiduciary status. A better understanding is all the more important considering that some are conflating the extension of the DOL Fiduciary Rule’s transition period with reduced/no fiduciary duties!