For the rest of this year – the “transition period” – most firms will use either the Best Interest Contract Exemption or (more likely) the “transition” version. What will that mean for you?In his... Read More
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Regulatory Compliance
BY NAPA Net Staff | 4/25/2017
Plan sponsors and administrators got some good news from the IRS on April 20 regarding the calculation of maximum participant loan amounts.There are several limitations imposed with regard to... Read More
BY NAPA Net Staff | 4/25/2017
As concerns about cybersecurity proliferate, a state securities regulator is considering changes that would impose new requirements on financial advisers and broker-dealers.The Colorado Division of... Read More
BY NAPA Net Staff | 4/20/2017
A new blog post by noted ERISA attorney Fred Reish takes a look at requirements that aren’t obvious on the face of the Impartial Conduct Standards, or ICS.Reish starts by referencing the new, and... Read More
BY Nevin E. Adams, JD | 4/17/2017
Morningstar’s response to the Labor Department’s request for proposal contains an intriguing proposal of its own – one that it says “could promote a best interest standard in lieu of using a private... Read More
BY Nevin E. Adams, JD | 4/17/2017
Among other changes, the American Retirement Association has requested that the Labor Department change the Best Interest Contract (BIC) Exemption to eliminate reliance on the plaintiffs’ bar as an... Read More
BY NAPA Net Staff | 4/14/2017
What does the extension of the fiduciary regulation’s applicability date mean for rollovers?In a recent blog post, noted ERISA attorney Fred Reish discusses the impact of those changes on fiduciary... Read More
BY Nevin E. Adams, JD | 4/11/2017
Charged with violating its fiduciary duties as a result of practices involved with including proprietary funds in its own 401(k) plan line-up, a provider says that the court “…need not even consider... Read More
BY Nevin E. Adams, JD | 4/10/2017
Plaintiffs seeking to obtain an emergency injunction blocking the Labor Department’s fiduciary regulation were rebuffed again by the U.S. Court of Appeals for the Fifth Circuit.The denial kept the... Read More
BY Nevin E. Adams, JD | 4/6/2017
Advisors that work with ERISA-qualified plans may not have gotten as much breathing room as hoped with the Labor Department’s fiduciary regulation delay.Indeed, the Labor Department has pushed the... Read More
BY Nevin E. Adams, JD | 4/5/2017
The Labor Department made it official yesterday, pushing the April 10 applicability date of the fiduciary rule back the widely anticipated 60 days to June 9 – but providing some additional compliance... Read More
BY NAPA Net Staff | 3/28/2017
The Internal Revenue Service and Treasury have weighed in on how they will deal with excise taxes and prohibited transaction exemptions as the Labor Department reassesses the applicability date of... Read More
BY NAPA Net Staff | 3/16/2017
The American Retirement Association’s Government Affairs Committee has filed comments with the Department of Labor regarding a proposed regulation to extend by 60 days the applicability date for the... Read More
BY NAPA Net Staff | 3/15/2017
Advisers should be more attentive to their services and to whether those services result in fiduciary status, according to Fred Reish.In his most recent blog post, the noted ERISA attorney says that... Read More
BY NAPA Net Staff | 3/8/2017
The Labor Department isn’t the only regulator hoping to protect participants from questionable rollover advice.A recent blog post by Fred Reish reminds that FINRA, which oversees broker-dealers,... Read More
BY Nevin E. Adams, JD | 3/1/2017
The Labor Department is proposing to extend the applicability date of the fiduciary regulation by a mere 60 days – while taking (just) the next 15 days to collect comments on that proposal. But that’... Read More
BY NAPA Net Staff | 2/27/2017
The Internal Revenue Service has published new examination guidelines for documenting a hardship distribution.Specifically, the memorandum sets forth substantiation guidelines for EP Examinations... Read More
BY Nevin E. Adams, JD | 2/27/2017
Those challenging the Labor Department’s fiduciary regulation in court haven’t had much success to date – but now one set of litigants is taking that decision to a higher court.The co-plaintiffs in... Read More
BY NAPA Net Staff | 2/24/2017
The Securities and Exchange Commission has published information and guidance on what it termed the “fast-growing” use of robo-advisers.Because of what it described as the “unique issues” raised by... Read More
BY Nevin E. Adams, JD | 2/10/2017
It looks like that much-anticipated delay in the applicability date of the DOL fiduciary regulation might be a reality, or at least on its way to becoming one.Late Thursday evening, Feb. 9, Reuters... Read More
BY Nevin E. Adams, JD | 2/9/2017
The Labor Department is now 3-0 in defending the fiduciary regulation in court.If there had been a sense that the U.S. District Court for the Northern District of Texas would prove to be a more... Read More
BY NAPA Net Staff | 2/9/2017
A “Risk Alert” from the Securities and Exchange Commission highlights the five most frequent compliance topics identified in deficiency letters sent to SEC-registered investment advisers.The alert... Read More
BY Nevin E. Adams, JD | 2/8/2017
Two weeks ago, Sen. Elizabeth Warren (D-Mass.) wrote to a number of financial services firms asking where they stood on the fiduciary regulation. She’s now shared their responses with the Acting... Read More
BY John Iekel | 2/6/2017
The Department of Labor’s fiduciary rule, as well as other regulations and laws that affect and govern retirement plans, were part of the discussion at the U.S. Chamber of Commerce meeting on Feb. 3... Read More
BY Nevin E. Adams, JD | 2/6/2017
If it’s possible, the final version of President Trump’s Executive Memorandum may have left us with more uncertainty than we had before.Last Friday morning, based on what we stipulated was a draft of... Read More
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