New study indicates Reg BI not curbing conflicts of interest George Michael Gerstein • November 8, 2021 November 8, 2021 • News • Tags: Best Interest State regulators: Reg BI fails to curb conflicts of interest - InvestmentNews Most brokerages continue to demonstrate conflicts of interest when recommending investments to retail customers, a NASAA study shows. InvestmentNews
Gensler reaffirms support for Reg BI George Michael Gerstein • October 6, 2021 October 6, 2021 • News • Tags: Best Interest, SEC SEC will ensure Reg BI fulfills best-interest promise: Gensler SEC chairman Gensler fielded questions about the future of Reg BI, after the recent hiring of Barbara Roper as a staff member. InvestmentNews
NY ‘best interest’ rule struck down Fiduciary Governance Blog • May 3, 2021 May 3, 2021 • News • Tags: Best Interest, New York New York Best-Interest Rule for Annuity Sales Struck Down | ThinkAdvisor The rule uses “subjective terms” and “fails to provide sufficient concrete, practical guidance,” the judges said. ThinkAdvisor
What awaits Reg BI? Fiduciary Governance Blog • January 19, 2021 January 19, 2021 • News • Tags: Best Interest, SEC Gensler expected to put teeth in Reg BI — not overturn it A former chairman of the Commodities Futures Trading Commission, Gensler has a reputation as a tough regulator who will likely strengthen Reg BI. InvestmentNews
Additional states consider best interest standard for annuity sales George Michael Gerstein • January 5, 2021 January 5, 2021 • News • Tags: Best Interest, NAIC Momentum picks up for state-level best interest rule on annuity sales - RPA Convergence Arkansas and Michigan become the latest states to adopt the National Association of Insurance Commissioners model rule RPA Convergence
Stricter Reg BI exams for 2021? Fiduciary Governance Blog • December 22, 2020 December 22, 2020 • News • Tags: Best Interest, SEC SEC warns advisers of tougher Reg BI exams next year The SEC will ‘conduct enhanced transaction testing’ to see if firms are compying with Reg BI and acting in customers’ best interests. InvestmentNews
Scalia and Clayton outline investment advice framework George Michael Gerstein • December 21, 2020 December 21, 2020 • News • Tags: Best Interest, DOL, Fiduciary Duties, Fiduciary Rule, SEC Opinion | A Simple Framework for Financial Advice A new Labor Department rule dovetails with last year’s SEC guidance to ensure that individual investors receive recommendations that are in their best interest. WSJ
DOL finalizes investment advice rulemaking George Michael Gerstein • December 15, 2020 December 15, 2020 • News • Tags: Best Interest, DOL, ERISA, Fiduciary Duties, Fiduciary Rule Labor Department finalizes investment-advice exemption The Labor Department finalized a prohibited transaction exemption for investment-advice fiduciaries to get paid for more types of guidance. Pensions & Investments
John Baker quoted in Ignites regarding Biden’s SEC Plans and Impact on ESG, Proxies and Regulation Best Interest Fiduciary Governance Blog • November 13, 2020 November 11, 2020 • News • Tags: Advisers Act, Best Interest, Broker-Dealer, ESG, Proxy voting, SEC The full article can be found here.
Growing pains of Reg BI compliance Fiduciary Governance Blog • October 27, 2020 October 27, 2020 • News • Tags: Best Interest, SEC Reg BI compliance being met despite growing pains, regulators say Four months after the SEC's best-interest standard and Form CRS went into effect, firms are mostly meeting obligations but issues persist. Pensions & Investments
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