SEC Fiduciary Standards Update

The SEC Proposes Rules and Interpretations to Address Relationships Between Retail Investors and Investment Professionals The Securities and Exchange Commission (Commission) has been considering issues relating to retail investor relationships with investment professionals for several years.  A study was undertaken following passage of the Dodd-Frank Act, resulting in certain recommendations in a 2011 report.  However,… READ MORE

State Enforcement Action Has Department of Labor Fiduciary Rule Implications

On February 15, 2018, the Massachusetts Securities Division filed an administrative complaint against a brokerage firm based on policies and procedures that were adopted in light of Department of Labor (DOL) Fiduciary Rule requirements.  In its Complaint, the Division alleged that certain sales contests held in 2017 violated those policies and procedures and constituted unethical… READ MORE

DOL Extends Fiduciary Rule Transition Period

On Monday, November 27, 2017, the Department of Labor (DOL) announced an 18-month extension of its Fiduciary Rule transition period (Transition Period).  The primary purpose of the extension was to give the DOL additional time to consider public comments under criteria set forth in the Presidential Memorandum issued on February 3, 2017. In light of… READ MORE