The March 15 decision by the 5th U.S. Circuit Court of Appeals to invalidate the DOL fiduciary rule resolved some issues – and created some uncertainties for retirement plan advisers, most notably... Read More
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Regulatory Compliance
BY NAPA Net Staff | 8/6/2018
Sen. Elizabeth Warren (D-MA) was one of four U.S. Senators who took the time to ask FINRA what that organization thought about the Securities and Exchange Commission’s “best interest” proposal – but... Read More
BY Ted Godbout | 8/6/2018
The American Retirement Association has weighed in on the SEC’s proposed Regulation Best Interest standard.Overall, the ARA’s Aug. 3 comment letter commends the commission’s efforts to tailor the... Read More
BY Ted Godbout | 7/27/2018
Speaking at the 2018 NAPA DC Fly-In Forum in Washington on July 24, Securities and Exchange Commissioner Hester Peirce argues that the proposed Regulation Best Interest would set clear standards,... Read More
BY NAPA Net Staff | 7/23/2018
A group of U.S. senators has reached out to FINRA for some help understanding the “confusing and ambiguous ‘Best Interest’ standard” put forth by the Securities and Exchange Commission that “appears... Read More
BY Craig Hoffman | 7/23/2018
In a development sure to be appreciated by plan sponsors, the IRS has released final regulations allowing for the use of forfeitures to fund safe harbor contributions, specifically QNECs and QMACs.... Read More
BY Ted Godbout | 7/23/2018
The New York State Department of Financial Services (DFS) has finalized regulations implementing a “best interest” standard for those licensed to sell life insurance and annuity products.Touted as an... Read More
BY NAPA Net Staff | 7/16/2018
Having compared the proposed best interest standard of care for broker-dealers and investment advisors, Fred Reish now turns his attention to the recipients of that advice.In his most recent “... Read More
BY Nevin E. Adams, JD | 7/13/2018
Comments from the American Retirement Association have led to changes in a DOL Enforcement letter.Last month, we reported that a regional office of the Employee Benefit Security Administration had... Read More
BY Ted Godbout | 7/12/2018
With an eye towards determining the extent of member involvement related to digital assets, the self-regulatory authority is requesting disclosures related to broker-dealer participation in the... Read More
BY Ted Godbout | 7/11/2018
In addition to being an administrative headache, the inability to locate terminated participants of qualified retirement plans can result in heightened legal risks, a recent blog post reminds readers... Read More
BY John Iekel | 7/2/2018
The Plan Sponsor Council of America (PSCA), a part of the American Retirement Association (ARA), has submitted written recommendations for guidance on missing participants to several agencies,... Read More
BY John Iekel | 6/28/2018
The American Retirement Association has submitted a comment letter to the IRS asking for clarification on certain provisions of the new procedures for the pre-approved plan document program,... Read More
BY NAPA Net Staff | 6/26/2018
In his latest blog post on the Labor Department’s fiduciary rule, Fred Reish takes on the proposed requirement to “mitigate” the conflict of interest inherent in a rollover recommendation.This is the... Read More
BY Ted Godbout | 6/25/2018
Without admitting or denying the findings, Betterment Securities agreed to a $400,000 settlement and censure over alleged violations that its practices during a period of rapid growth did not comply... Read More
BY Nevin E. Adams, JD | 6/20/2018
A key component of the SEC’s proposal designed to address investor confusion about their advisory relationships is the Form CRS Relationship Summary. In this fifth segment of our series on the CRS,... Read More
BY Nevin E. Adams, JD | 6/20/2018
The Labor Department has unveiled the much-anticipated final version of a rule that allows more small businesses and self-employed workers to band together to buy health insurance – and may have... Read More
BY Ted Godbout | 6/15/2018
In an effort to reduce costs for firms and make it easier to satisfy their reporting and compliance obligations, FINRA announced June 14 the details of a multi-phased effort to overhaul its... Read More
BY John Iekel | 6/15/2018
The American Retirement Association has submitted a comment letter to the IRS concerning the IRS’ 2018-2019 Priority Guidance Plan.In the June 15, 2018, comment letter, the ARA says it “believes that... Read More
BY NAPA Net Staff | 6/12/2018
How does the best interest standard of care in the SEC’s Regulation Best Interest compare to the standard of care in the DOL’s Best Interest Contract Exemption (BICE)?Well, having previously outlined... Read More
BY Joseph A. Caruso, III | 6/6/2018
The Securities and Exchange Commission’s Regulation Best Interest proposal creates a standard of conduct for brokers – but how does that compare with the obligations imposed on investment advisers... Read More
BY Ted Godbout | 6/5/2018
The Securities and Exchange Commission has announced that it reached a settlement agreement with a New York-based investment firm for failing to disclose conflicts of interest to its retail clients.... Read More
BY Nevin E. Adams, JD | 6/5/2018
A key component of the SEC’s proposal designed to address investor confusion about their advisory relationships is the Form CRS Relationship Summary – and it contains a list of “key questions” for... Read More
BY NAPA Net Staff | 5/29/2018
The SEC’s proposed Regulation Best Interest (“Reg BI”) is remarkable in its similarities to the DOL’s vacated Best Interest Contract Exemption (BICE) – or so Fred Reish thinks.With a beginning note... Read More
BY Ted Godbout | 5/23/2018
For the second time in as many days, the U.S. Court of Appeals for the 5th Circuit has denied a motion to reconsider its decision denying three states’ motion to intervene in litigation involving the... Read More
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