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Regulatory Compliance

BY NAPA Net Staff | 5/2/2019
The Internal Revenue Service has announced the expansion of areas for issuing determination letters for certain retirement plans.  Revenue Procedure 2019-20, issued May 1, details two... Read More
BY Ted Godbout | 5/2/2019
Under questioning at a May 1 hearing on Capitol Hill, Secretary of Labor Alexander Acosta appeared to confirm that the Department of Labor will issue a new fiduciary rule.  Acosta appeared... Read More
BY John Iekel | 5/1/2019
Capitol Hill and statehouses, federal and state regulators, bipartisan efforts and gridlock. An expert panel discussed recent developments at the federal and state levels in an April 30 session at... Read More
BY NAPA Net Staff | 4/25/2019
The Financial Industry Regulatory Authority (FINRA) has censured a financial services firm for selling certain retirement plan customers inappropriate share classes. Specifically, according to a... Read More
BY Ted Godbout | 4/16/2019
The Garden State has formally proposed a new uniform fiduciary standard – and there’s some good news for 401(k) plan advisors.  Issued April 15 by New Jersey Attorney General Gurbir Grewal... Read More
BY Ted Godbout | 4/5/2019
The Massachusetts Securities Division is requesting comments on its proposed, new fee disclosure table that would be added to existing disclosure obligations of investment advisers registered in the... Read More
BY Nevin E. Adams, JD | 3/29/2019
Concluding that “DOL’s Final Rule stretches the definition of ‘employer’ beyond what ERISA’s text and purpose will bear,” a federal judge has thrown the Labor Department’s association health plan... Read More
BY John Iekel | 3/27/2019
The IRS on March 26 updated its Operational Compliance List for compliance in 2019. The list is intended to help plan sponsors and practitioners achieve operational compliance by identifying... Read More
BY John Iekel | 3/22/2019
The Federal Trade Commission is considering amendments to cybersecurity rules that could have an impact on retirement plan professionals.  Earlier this month, the FTC voted 3-2 to propose... Read More
BY Allison Wielobob | 3/4/2019
The Silver State managed to overlook the long history of ERISA preemption in its recent draft fiduciary regulations. Once again, the American Retirement Association has brought this to their... Read More
BY Ted Godbout | 3/4/2019
A group consisting of 12 separate financial services trade associations – including SIFMA, ACLI and the U.S. Chamber of Commerce – have highlighted both preemption issues and legal deficiencies with... Read More
BY Ted Godbout | 1/24/2019
Investment suitability will remain one of FINRA’s top examination priorities, but the organization will also target broker-dealers’ use of online distribution platforms, due diligence compliance and... Read More
BY John Iekel | 1/24/2019
Misunderstanding what the “15th business day” means for purposes of Department of Labor regulations can earn unwelcome attention from the DOL's Employee Benefits Security Administration.The DOL’s... Read More
BY Ted Godbout | 1/22/2019
Broker-dealers and advisors doing business in Nevada will need to pay attention to newly proposed regulations defining the state’s new fiduciary standard – especially since there does not appear to... Read More
BY NAPA Net Staff | 1/2/2019
Having previously outlined different perspectives on a “best interest” standard of care, Fred Reish now looks at how that standard applies to specific circumstances.In a recent blog post, Reish notes... Read More
BY NAPA Net Staff | 12/31/2018
Massachusetts' Secretary of the Commonwealth William F. Galvin has announced a consent order regarding a broker-dealer’s failure to supervise agents who mishandled the personal information of Bay... Read More
BY NAPA Net Staff | 12/28/2018
The Securities and Exchange Commission has struck a deal with two investment advisory firms that allegedly “selected mutual fund share classes inconsistent with their disclosures to clients.”The SEC... Read More
BY Ted Godbout | 12/26/2018
The Securities and Exchange Commission will place particular emphasis on examining digital assets, cybersecurity and retail investor issues relating to fees, expenses and conflicts of interest next... Read More
BY Ted Godbout | 12/18/2018
A new Risk Alert by the U.S. Securities and Exchange Commission reminds advisers of their obligations concerning the use of electronic messaging.The SEC’s Office of Compliance Inspections and... Read More
BY Ted Godbout | 12/17/2018
The American Retirement Association is recommending that the Securities and Exchange Commission (SEC) further clarify Regulation Best Interest to avoid any “gap” in regulatory coverage.In a follow-up... Read More
BY John Iekel | 12/14/2018
The American Retirement Association (ARA) in a Dec. 11 letter to Acting IRS Commissioner David Horton has made suggestions regarding the Employee Plans Compliance Resolution System (EPCRS). Namely,... Read More
BY Ted Godbout | 12/12/2018
A new report highlighting examination findings explains that the self-governing body continues to observe unsuitable recommendations to retail investors, as well as deficiencies in some firms’... Read More
BY Ted Godbout | 12/5/2018
Newly finalized rules by the Securities and Exchange Commission establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a covered investment fund to... Read More
BY John Iekel | 11/30/2018
The IRS on Nov. 29 expanded upon a provision of the hardship withdrawal regulations that it issued earlier in November allowing DC plans to make loans and hardship distributions to victims of... Read More
BY John Iekel | 11/30/2018
The Department of Labor (DOL) has announced that it is providing guidance and relief for victims of California’s Camp, Hill, Woolsey and other wildfires.The DOL says that it “recognizes that these... Read More