Best Interest

Register for a webinar on October 4: The Latest on the SEC Standards of Conduct Initiative

• September 17, 2018 • News • Tags: ,

Join industry leaders for a 60-minute webinar on Thursday, October 4, 2018 at 11 a.m. (EDT) to discuss the potential impact of the SEC’s Best Interest Proposals on the fund industry. Topics will include:

  • Overview of the Proposals, Including Regulation Best Interest
  • Key Themes in the Comment Letters
  • Impact on Fund Distributors, Dealers and Funds, including Non-Cash Compensation and Other Distribution Practices
  • Evolving Process and Future Suitability Concerns

Speakers:

Helen E. Rizos, Senior Vice President & Deputy General Counsel, Fidelity Investments

Sarah A. Bessin, Associate General Counsel, Investment Company Institute

David W. Grim, Partner, Stradley Ronon, Former Director of the U.S. SEC’s Division of Investment Management

Lawrence P. Stadulis, Partner & Co-Chair, Fiduciary Governance, Stradley Ronon

Register to view the webcast here.

Lawrence P. Stadulis

Lawrence Stadulis advises clients in matters pertaining to the registration and regulation of investment advisers and investment companies under federal and state securities laws. He also manages related issues pertaining to investment advisers and investment companies, including matters involving ERISA, broker-dealer regulation and banking laws.

https://www.stradley.com/professionals/s/stadulis-lawrence-p

Form CRS under microscope

• September 13, 2018 • News • Tags: ,
Testing of SEC Adviser Relationship Summary Form Yields Troubling Results | PLANSPONSOR
Testing of SEC Adviser Relationship Summary Form Yields Troubling Results | PLANSPONSOR

A group of investor advocacy organizations is calling on the Securities and Exchange Commission to significantly revise its adviser customer relationship summary form requirements within its broader Regulation Best Interest proposal.
www.plansponsor.com www.plansponsor.com
George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

States looking for ‘Significant Improvements’ from SEC on Reg BI

• August 29, 2018 • News • Tags: ,

Bloomberg Law reports on NASAA’s letter to the SEC seeking clarity on the meaning of “best interest” and greater disclosures from broker-dealers in a final version of Regulation Best Interest.

George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

Clayton takes aim at sales contests

• August 23, 2018 • News • Tags: ,
SEC's Clayton Says Sales Contests Must Die | ThinkAdvisor
SEC's Clayton Says Sales Contests Must Die | ThinkAdvisor

“Main Street investors have no tolerance for certain questionable sales practices such as high-pressure product-based sales contests Clayton said Wednesday.
ThinkAdvisor ThinkAdvisor
George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

Will consumers understand the SEC’s disclosure documents?

• August 17, 2018 • News • Tags: ,
Consumer, Industry Groups Pay To Test SEC Best-Interest Disclosures On Investors
Consumer, Industry Groups Pay To Test SEC Best-Interest Disclosures On Investors

Consumer groups are testing to see if SEC documents can be understood by regular people.
www.fa-mag.com www.fa-mag.com
George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

George Michael Gerstein interviewed by Compliance Reporter regarding intersection of Reg BI and state action

• August 16, 2018 • News • Tags: , , , , , , , ,

I discussed with the reporter the implications on state legislation and enforcement in the wake of the SEC’s review of the comments to Regulation Best Interest.

George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

Ignites: Industry Shreds SEC’s Proposed ‘Relationship Summary’ Form

• August 15, 2018 • News • Tags: ,
Industry Shreds SEC’s Proposed ‘Relationship Summary’ Form
Industry Shreds SEC’s Proposed ‘Relationship Summary’ Form

Sign up for Ignites and you will receive a two-week free trial, or if eligible, you will automatically be added to your company's existing subscription at no additional cost.
Ignites Ignites
George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

SEC Reg BI Must Include Rollovers: Morningstar

• August 15, 2018 • News • Tags: ,
SEC Reg BI Must Include Rollovers: Morningstar | ThinkAdvisor
SEC Reg BI Must Include Rollovers: Morningstar | ThinkAdvisor

The final Reg BI should specifically identify brokerdealers’ responsibilities when recommending a rollover said Morningstar policy director Szapiro.
ThinkAdvisor ThinkAdvisor
George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

States not backing away from fiduciary standard

• August 21, 2018 • News • Tags: , , , , ,

William Galvin submitted a comment letter to the SEC criticizing proposed Regulation Best Interest and suggested that, absent the SEC’s withdrawal of the proposal, “Massachusetts is prepared to adopt a fiduciary standard for broker-dealers.” Meanwhile, the attorneys general of New York, California, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont, Washington and the District of Columbia submitted a comment letter calling for a uniform fiduciary standard and, inter alia, for Reg BI to “require the elimination of certain conflicted compensation incentives that cannot be sufficiently mitigated and to base any differential compensation to individuals on neutral factors.”

George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george

Cook on suitability vs best interest

• August 10, 2018 • News • Tags: ,
SEC Reg BI vs. Suitability: Here's the Difference, According to FINRA's Cook | ThinkAdvisor
SEC Reg BI vs. Suitability: Here's the Difference, According to FINRA's Cook | ThinkAdvisor

SEC’s advice proposals extend in “certain significant areas” the requirements for broker-dealers Cook told senators.
ThinkAdvisor ThinkAdvisor
George Michael Gerstein

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.

https://www.stradley.com/professionals/g/gerstein-george