President announces that Patrick Pizzella will become acting DOL secretary

According to the DOL’s website:

President Donald J. Trump nominated Patrick Pizzella to serve as the Deputy Secretary of the U.S. Department of Labor, and the U.S. Senate confirmed Pizzella’s nomination on April 12, 2018. He was sworn in as Deputy Secretary by U.S. Secretary of Labor Alexander Acosta on April 17, 2018.

Pizzella previously served as a Member of the Federal Labor Relations Authority (FLRA) after being nominated by President Barack Obama and confirmed by the Senate in 2013. On January 23, 2017, President Trump designated Pizzella as Acting FLRA Chairman, a position he held until December 8, 2017.

Prior to joining the FLRA, Pizzella was Principal at Patrick Pizzella, LLC.  He served as Assistant Secretary of Labor for Administration and Management at the Department of Labor from 2001 to 2009.  Pizzella was designated by President George W. Bush to serve as a member of the Board of Directors of the Overseas Private Investment Corporation from January 18, 2004, to April 26, 2005.

Previously, he worked at Preston Gates Ellis & Rouvelas Meeds, LLP as a Government Affairs Counselor from 1998 to 2001 and Director of Coalitions from 1996 to 1997.  From 1990 to 1995, Pizzella was Director of the Office of Administration at the Federal Housing Finance Board, and from 1988 to 1989, Deputy Under Secretary for Management at the U.S. Department of Education.

He has previously held positions at the U.S. Office of Personnel Management, the U.S. Small Business Administration, and the U.S. General Services Administration.

Pizzella received a B.S. in Business Administration from the University of South Carolina, and he is a graduate of Iona Preparatory School, and a native of New Rochelle, N.Y.

Update on SEC Standards of Conduct Package/Weekend Reading

The Securities and Exchange Commission’s package of rule amendments and interpretations on broker-dealers’ and investment advisers’ standards of conduct will be published today in the Federal Register.  The SEC releases were issued on June 5.  Publication does not affect the timing of the rule and form amendments, which have a compliance date of June 30, 2020.  However, the interpretive releases are effective upon publication.  Here are the links:

The U.S. House of Representatives has added a provision to the appropriations bill for the fiscal year beginning October 1, 2019, and ending September 30, 2020, to provide that none of the appropriated funds for that fiscal year may be used by the SEC to implement, administer, enforce, or publicize any part of the package.  The provision is not expected to be included in the Senate version of the appropriations bill.

Larry Stadulis, Sara Crovitz and John Baker will participate in a 90-minute Strafford webinar on July 31, from 1:00 to 2:30 pm, on Regulation Best Interest and Other New SEC Standards of Conduct: Impact on Broker-Dealers, Investment Advisers and Investment Companies.  The webinar will provide continuing legal education credit, and there is an early registration discount for people who sign up by today. You can register here.

We have already presented a shorter (one-hour) webcast, which aired July 9, featuring Larry Stadulis, Alan Goldberg, and John Baker, on the same subject.  This webinar is less detailed than the Strafford webinar will be and does not provide continuing legal education credit, but it does have the advantage of being free. You can view the webcast here.

In addition, we have published a number of client alerts from different perspectives on the SEC rulemaking. You can find all of our analysis in a single downloadable PDF here.

Have a nice weekend.

Watch Webcast: The Practical Effects of Regulation Best Interest, Form CRS, and Advisers Act Interpretations on Broker-Dealers, Investment Advisers and Investment Companies

On Tuesday, July 9th, John Baker, Alan Goldberg and I presented a webcast titled “The Practical Effects of Regulation Best Interest, Form CRS, and Advisers Act Interpretations on Broker-Dealers, Investment Advisers and Investment Companies.” Watch a replay of the webcast here:

Reminder – Webcast: The Practical Effects of Regulation Best Interest, Form CRS, and Advisers Act Interpretations on Broker-Dealers, Investment Advisers and Investment Companies

Larry Stadulis, Alan Goldberg and John Baker will host a 1 hour webcast to discuss the SEC’s adoption of Regulation Best Interest, Form CRS, and other rules and interpretations, and their effect on broker-dealers, registered investment advisers and investment companies.

The webcast will occur on July 9 at 2 pm (EDT). Click here to register.