The U.S. Department of Labor has announced that its Employee Benefits Security Administration has proposed some big changes to its Voluntary Fiduciary Correction Program—including a provision long-... Read More
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Regulatory Compliance
BY John Iekel | 10/21/2022
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
In Notice 2022-55, the IRS... Read More
BY Ted Godbout | 10/19/2022
While the updated limits could come out any day now, a final snapshot projects that record increases are in store for nearly all qualified retirement plan limits.
The 2023 limits will... Read More
BY NAPA Net Staff | 10/13/2022
FINRA has its first Reg BI enforcement action—resulting in a six-month suspension and a $5,000 fine in a case of excessive trading.
The activity in question was a case of churning within an... Read More
BY John Iekel | 9/27/2022
The IRS on Sept. 26 in Notice 2022-45 announced that it is extending the deadline for amending eligible retirement plans in relation to coronavirus-related distributions and the use of retirement... Read More
BY Ted Godbout | 9/20/2022
A new Risk Alert by the Securities and Exchange Commission’s Division of Examinations specifies the initial exam initiatives and areas of review that it will conduct as part of the new Marketing Rule... Read More
BY Robert Richter | 9/10/2022
The IRS in Notice 2022-33 extended the deadline for employers to adopt plan amendments for the SECURE Act as well as the required minimum distribution (RMD) provisions of the CARES Act... Read More
BY John Iekel | 9/7/2022
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA ) on Sept. 6 announced that it is extending the public comment period on a proposed amendment to its Class Prohibited... Read More
BY Ted Godbout | 9/2/2022
As expected, the Department of Labor (DOL) has just released updated guidance addressing the “independence” requirements for accountants auditing employee benefit plans.
More specifically,... Read More
BY Ted Godbout | 8/29/2022
After a 12-year gap, the U.S. Securities and Exchange Commission (SEC) has finally adopted final rules implementing the pay-versus-performance rule required by Congress in the 2010 Dodd-Frank Act... Read More
BY John Iekel | 8/5/2022
The IRS on Aug. 3 announced in Notice 2022-33 that it is extending the deadline for amending a retirement plan to reflect the provisions of Section 2203 of the Coronavirus Aid, Relief, and... Read More
BY Ted Godbout | 8/4/2022
The Securities and Exchange Commission is warning broker-dealers and investment advisers that they need to take ongoing steps to identify and eliminate conflicts of interest, noting that all firms... Read More
BY NAPA Net Staff | 8/2/2022
With the written best interest documentation requirement now in place (as of July 1), and with some evidence that some advisors might not have focused on that deadline (or a series of... Read More
BY Ted Godbout | 8/1/2022
Announcement of the official limits is still a few months away, but early projections from Mercer suggest that nearly all qualified retirement plan limits will increase by unprecedented amounts next... Read More
BY Ted Godbout | 8/1/2022
The SEC is not trying to force funds to invest in ESG, but instead is seeking to make sure disclosures are consistent and reliable so that investors have the information they need, an SEC branch... Read More
BY Nevin E. Adams, JD | 7/29/2022
As you all (hopefully) know, there are some new rules regarding rollover recommendations—notably the requirement to document—in writing—why a rollover is in the participant’s best interest. This week... Read More
BY Nevin E. Adams, JD | 7/25/2022
As you all (hopefully) know, there are some new rules regarding rollover recommendations—notably the requirement to document—in writing—why a rollover is in the participant’s best interest. This week... Read More
BY Ted Godbout | 7/22/2022
The New York-based firm has agreed to settle alleged fraud charges brought by the Securities and Exchange Commission concerning investor fees.
According to the SEC’s July 18 order, Equitable... Read More
BY Ted Godbout | 7/14/2022
The Securities and Exchange Commission on July 13 voted 3-2 to rescind two Trump-era rules on proxy voting advice businesses that the Commission adopted in 2020.
The amendments approved by the SEC... Read More
BY Ted Godbout | 7/7/2022
Broker-dealers and advisors doing business in the Silver State will want to pay attention to newly proposed regulations defining the state’s fiduciary standard, as well as broader changes to... Read More
BY NAPA Net Staff | 7/7/2022
Massachusetts Secretary of the Commonwealth William F. Galvin announced July 6 that Vanguard Marketing Corporation has agreed to provide restitution to thousands of Massachusetts investors who got... Read More
BY Ted Godbout | 7/1/2022
For the second year in a row, implementing the Securities and Exchange Commission’s new marketing rule for investment advisers remains the No. 1 worry for investment adviser compliance officers.... Read More
BY Nevin E. Adams, JD | 6/29/2022
The Labor Department is pushing back against litigation challenging specific elements of its FAQs regarding the fiduciary rule.
The suit (Am. Sec. Ass’n v. U.S. Dep’t of Labor, M.D. Fla... Read More
BY Ted Godbout | 6/24/2022
Investment advisers, institutional investment managers and certain other entities will soon be required to submit certain documents electronically under new rules finalized by the SEC on June 23.... Read More
BY Ted Godbout | 6/20/2022
The Securities and Exchange Commission is requesting feedback on whether the activities of certain “information providers” constitute acting as “investment advisers” under the Investment... Read More
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