Cari Hopfensperger from Hardin Compliance Consulting LLC shares these important deadlines and to-dos:
On June 5, the U.S. Securities and Exchange Commission (SEC) approved its highly anticipated package of rulemakings and interpretive guidance relating to the standards of care applicable to financial professionals when making recommendations and providing investment advice to retail investors.
Included in this package was the SEC’s new Regulation Best Interest, which will likely require transformative changes for much of the retail brokerage industry.
With an effective date of June 30, 2020, what concrete steps should broker-dealers consider taking as they work toward compliance by the deadline?
September Regulatory Updates from Jaqueline Hummel at Hardin Compliance Consulting LLC.
Topics include:
On August 21, 2019, in a 3-2 vote, the SEC voted in favor of publishing guidance regarding the proxy voting responsibilities of investment advisers. The guidance, structured in a question-and-answer format, provides examples to help facilitate IAs’ compliance with their proxy voting responsibilities under the Investment Advisers Act of 1940, as amended (Advisers Act), and Rule 206(4)-6 thereunder. Importantly, the SEC encourages IAs and proxy advisory firms (PAFs) to review their policies and practices before next year’s proxy season to ensure they are consistent with the guidance.
The Certified Financial Planner (CFP) Board recently adopted a new fiduciary standard for CFP professionals to act in the best interest of their clients at all times when providing financial advice. Although the CFP Board announced that it would not enforce the new requirements until June 30, 2020, broker-dealers and investment advisers should begin considering whether or not they should take any action to help ensure that their associated persons who are CFP professionals comply with the new fiduciary standard, including: