SEC Releases Scaled-Down Version of DOL Fiduciary Rule

Predating the reworked and much-anticipated Trump admin fiduciary rule expected in December, the Securities and Exchange Commission (SEC) has published Regulation Best Interest, which will be enforced beginning June 30, 2020, and is now undergoing a 60-day public commentary period. The major change from current SEC regulations concerning transactions by broker-dealers with retail customers (i.e., […]

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DOL Fiduciary Rule Now Officially Dead

The scant remaining life support for the Fiduciary Rule crafted by the Obama Department of Labor (DOL) ran out yesterday as the Trump administration declined to ask the Supreme Court to review an injunction blocking the rule’s implementation. In March, the 5th U.S. Circuit Court of Appeals, in a 2-to-1, vote vacated the rule, saying […]

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SEC Votes on Its Own Proposed Fiduciary Rule

The Securities and Exchange Commission (SEC) on Wednesday, April 18, voted 4-1 on a proposed fiduciary rule that sets¬†standards of conduct, additional disclosure requirements and restrictions on advisor/broker titles. The vote comes a month after the U.S. 5th Circuit Court of Appeals struck down a hotly contested fiduciary rule by the Department of Labor (DOL) […]

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