Tag Archives: featured

Fourth Set of FAQs from DOL on Fiduciary Rule

On August 3, 2017, the Department of Labor released a fourth set of FAQs related to its new “investment advice” fiduciary definition and related exemptions, which became applicable on June 9. Like the May FAQs, the three new FAQs are positioned as transition period guidance, although their content is not so limited.

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Additional contributor to this post:

W. Mark Smithmarksmith@eversheds-sutherland.com

 

FINRA Holds Regulator Forum on Distributed Ledger Technology

FINRA recently held a Blockchain Symposium which included a Regulator Forum with representatives from FINRA, OCC, CFTC, the Federal Reserve  and the SEC.  The regulators discussed the work they have undertaken to assess the use of DLT in the financial services industry, and the regulatory considerations associated with potential uses of DLT. The Symposium follows FINRA’s publication of a report earlier this year discussing the implications of DLT for the securities industry and soliciting comments from market participants.

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Additional contributor to this post:

Issa J. Hanna,  issahanna@eversheds-sutherland.com

The Final Rule: The Fifth Request for Public Comments

On June 29, 2017, the Department of Labor released a request for information, seeking public comments yet again on its new “investment advice” fiduciary definition and related exemptions which became applicable on June 9.

  • This is the fifth request for public comments under the Administrative Procedure Act since DOL undertook this rulemaking in October 2010, and the second in the last four months.
  • There could be a sixth iteration later this year, in connection with any proposed changes to the Final Rule and/or delay of the January 1, 2018, date for compliance with the full conditions of the Best Interest Contract Exemption, the Principal Transaction Exemption and PTE 84-24.
  • In addition, on June 1, US Securities and Exchange Commission Chair Jay Clayton issued a statement requesting comments on the standard of conduct under the securities laws that should be applicable to investment advisers and broker-dealers serving retail investors, which includes retirement investors.

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Additional contributor to this post:

W. Mark Smithmarksmith@eversheds-sutherland.com