• Consonant with the vacatur of its 2016 rule, DOL reinstated the longstanding 5-part test of investment advice fiduciary status, but announced new interpretations of that test that will cause rollover advice and possibly other interactions to become fiduciary advice.
• DOL also proposed a new, principles-based class exemption broadly available for conflicted advice and intended to align with other bodies of law to which financial institutions are subject.

Read more here

June Regulatory Updates from Cari Hopsfenperger at Hardin Compliance Consulting LLC.

Topics include:

• Reg BI and Form CRS are here! Now what?
• Did you know that June 15th was World Elder Abuse Awareness Day (WEAAD)?
• Form CRS and the Land of Oz…State considerations for Form CRS
• West Virginia Enacts Senior Safe Legislation
• Temporary Relief extended for In-Person Board Meetings
• Another Adviser Nailed for Inadequate Handling of Material Nonpublic Information
• The Fat Lady Has Not Sung Yet… the SEC Continues its Crusade against “Inadequate Disclosure” of Mutual Fund Fees
• Former RIA COO Barred from Industry

Read the full update here.

From our friends at Hardin Compliance Consulting LLC, helpful guidance for broker dealers and RIAs, as they plan their return:

• Question & Answer Employer Guide: Return to the Work in the time of COVID-19 by Faegre Drinker.
• Making your Office Safe to Return after COVID-19 by Riia O’Donnell of Workest.
• Preparing for Reentry in the US by Goodwin Procter LLP.
• Reopening Your Doors – BakerHostetler’s Return to Work Toolkit

June Regulatory Updates from Cari Hopsfenperger at Hardin Compliance Consulting LLC.

Topics include:

• New Jersey Adopts Its Own Senior Safe Legislation
• NASAA 2020 Investment Adviser Section Annual Report
• Notice to Members I-20-20: Coronavirus Update – Relief from Fingerprinting Requirements
• Notice to Members I-20-18:  Amendments to NFA Compliance Rule 2-29 and Related Interpretive Notice Now Effective
• Broker-Dealer Recruiting Tactics Lead to Reg S-P Violations
• “May” I? No, You “May” Not!  SEC Settles with Private Equity Adviser with Conflicted Expense Reimbursements
• Whoops!  I Did It Again!  Adviser Fails to Learn from Mistakes, Blows up Fund
• Five Million Reasons Why Wrap Fee Transparency is Important
• Mutual Fund Manager Misprices Odd Lot Bonds, Overstates NAV and Related Performance

Read more here