Compliance February 24th, 2023 Embattled DOL ESG Rule Receives Democratic Congressional Support A DOL rule permitting ESG considerations in retirement plan investing has been challenged by two separate lawsuits. House Democrats are...
Compliance February 23rd, 2023 Legal Complaint Says DOL’s ESG Rule “Jeopardizes” Retirement Savers A second lawsuit in less than a month has been brought challenging the legality of the DOL’s rule concerning ESG...
Compliance February 22nd, 2023 Expert: Advisers Should Pause on DOL Rollover Guidance Despite Court Reversal In the meantime, legal experts discourage advisers from violating it in case it is re-instated.
Compliance February 17th, 2023 Social Security Expansion Act Would Guarantee Solvency for 75 Years The Democrat-sponsored bill has been referred to the Republican-controlled House Committee on Ways and Means.
Compliance February 17th, 2023 Senator Pushes For Crypto Option in 401(k) Plans Republican Senator Tommy Tuberville reintroduced a bill pushing back on DOL guidance that limits 401(k) providers offering crypto in plans.
Compliance February 16th, 2023 SEC Adopts Settlement Cycle Rule, Proposes New Custodial Rule The rules, adopted and proposed, respectively, by 3-2 margins, were partially informed by recent scandals.
Compliance February 15th, 2023 SEC Wants Enhanced Protections on Crypto, Other Adviser-Managed Investments The proposed changes would amend a custodial rule requiring cryptocurrency exchanges to be run by qualified custodians.
Compliance February 15th, 2023 Retirement Industry Pushes Back on SEC Swing Pricing Proposal Industry groups filed arguments saying the proposal, intended to put greater burden on “first mover” traders of open-ended funds, would...
Compliance February 14th, 2023 Federal Judge Nixes DOL Rollover Guidance Interpretation A U.S. District Court judge ruled that Department of Labor guidance violated the Administrative Procedure Act.
Compliance February 13th, 2023 DOL: More Time to Comment on Fiduciary Correction Program The Department of Labor has extended the public comment period for a program that would allow fiduciaries to self-correct for...
Compliance February 10th, 2023 Will RMD Age Increases Cause ‘Abandoned’ Property Problems? SECURE 2.0 increased the RMD age to 73 and will increase it again to 75 in 2033. Some states’ laws...
Compliance February 9th, 2023 Microsoft Escapes Retirement Plan TDF Suit One of a string of lawsuits filed against companies that put retirement savers into a BlackRock TDF suite was dismissed...
Compliance February 8th, 2023 Biden “Won’t Let” Republicans Cut Social Security In the State of the Union address, Biden commits to protecting Social Security and Medicare from cuts to address the...
Compliance February 8th, 2023 Trade Groups Push Back on SEC Recordkeeping ‘Sweep’ Investment associations say in a letter that the SEC is exceeding its authority by asking to access all off-channel business...
Compliance February 7th, 2023 DOL Secretary Walsh Reportedly Leading Candidate to Helm NHL Players’ Association The approval of Walsh to head the NHLPA is considered a “formality.”
Compliance February 2nd, 2023 Federal Magistrate Judge Recommends Dismissal of ERISA Case Against Dish Network The plaintiffs have 14 days to resubmit and restate their claim in the excessive-fee case.
Compliance February 1st, 2023 House Passes Financial Exploitation Prevention Act to Safeguard Seniors from Fraud The bill would permit open-ended investment companies and transfer agents to delay redemption of securities if they suspect financial exploitation...
Compliance January 31st, 2023 SEC Cites Broker/Dealers for Not Meeting Reg BI Standards The SEC issued a warning after finding issues, including advisers not properly disclosing conflicts of interest or maintaining written policies.
Compliance January 30th, 2023 Republican States Challenge DOL ESG Rule in Court A 2022 DOL rule clarifying that ESG strategy can be used in fiduciary decisions was challenged by 25 states in...
Compliance January 30th, 2023 SECURE 2.0 Makes a Few Changes to Annuities While not the focus of the bill, annuities gained increased flexibility and availability.