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Regulatory Compliance

BY Ted Godbout | 7/18/2019
The Financial Industry Regulatory Authority has reached settlements with 56 broker-dealer member firms and obtained $89 million in restitution for nearly 110,000 charitable and retirement accounts... Read More
A recent decision by the nation’s highest court could have implications for the Labor Department’s fiduciary rule. The case itself (Kisor v. Wilkie) didn’t have anything to do with the fiduciary... Read More
BY Robert Richter | 7/3/2019
The Treasury and IRS have proposed regulations designed to encourage adoption of multiple employer plans (MEPs)  – though they’re not final yet. Specifically, the proposed regulations would... Read More
BY NAPA Net Staff | 6/25/2019
Yes, October is still months away – but a major employee benefits consultant has already taken a stab at estimating some of the key contribution and benefit limits for 2020. The projections by... Read More
BY NAPA Net Staff | 6/14/2019
In the two weeks since the Security and Exchange Commission approved the final version of its Regulation Best Interest, many oƒ the nation’s leading retirement and financial compliance law firms have... Read More
BY Ted Godbout | 6/10/2019
The ink is not yet dry on the SEC’s new investment advice package, but the prospects of a looming legal battle have already surfaced.  The SEC voted 3-1 on June 5 to put in place a new “... Read More
BY Ted Godbout | 6/6/2019
On June 5, the Securities and Exchange Commission voted 3-1 along party lines to put in place new standards for broker-dealers and investment advisers – including some new considerations regarding... Read More
BY NAPA Net Staff | 5/28/2019
The Internal Revenue Service has announced updated deduction limits for high-deductible health plans. For calendar year 2020, the annual limitation on deductions under § 223(b)(2)(A) for an... Read More
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