The Department of Labor (DOL) has issued a proposal to update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). The updated definition of an investment advice fiduciary would apply when a financial service provider gives investment advice for a fee to retirement plan participants, IRA owners and others.
The SEC’s Small Business Capital Formation Advisory Committee met to discuss the definition of “accredited Investor” and diversity in the investment process.
The IAA has submitted a comment letter urging the SEC to make additional changes to its proposed rule relating to the safeguarding of advisory client assets.
SEC’s 2024 examination priorities include fiduciary duty, disclosure of material facts relating to conflicts of interest, advertising practices, and more.
The IAA submitted a comment letter to the SEC requesting that the agency withdraw its proposed rules regarding potential conflicts of interest associated with the use of predictive data analytics and other technologies by advisers in investor interactions.
- Lawmaker urges more time for input on fiduciary rule, Financial Advisor
- SEC adopts Dodd-Frank rule on ABS conflict of interest, Reuters
- Markets closely watching this week’s inflation data, Bloomberg
- Coach clients to overcome behavioral biases, Advisor Perspectives
A list of upcoming compliance deadlines in 2023.View Dates
IACCP Certification & Training
The Investment Adviser Certified Compliance Professional (IACCP®) program is designed to advance investment adviser compliance as a profession.See Calendar
At the Compliance Conference, Ammani Nagesh and Keith Shotes discussed bringing diverse talent into the industry.
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It has been a very active period for SEC proposed rulemaking. We encourage you and your colleagues to get involved in the following IAA comment letter workstreams.
2023 IAA Compliance Workshops Takeaways – Off-Channel Communications, AI
A big thank you to everyone who helped make the 2023 IAA Compliance Workshops a success. If you didn't make it to a Compliance Workshop this year, here's what you missed.
The Proposed DOL Fiduciary Rule: Significant Changes for Advisers
This article discusses the DOL’s November 2023 proposed fiduciary rule amendments, including proposed amendments to Prohibited Transaction Exemption (PTE) 2020-02, and their impact on SEC-registered investment advisers.
Legal and Regulatory Updates
SEC Charges Five Private Fund Advisers with Custody Rule and Form ADV Violations
The SEC charged five private fund advisers with custody and Form ADV deficiencies.
Massachusetts Supreme Judicial Court Upholds Fiduciary Duty Rule for Broker-Dealers
The regulation, challenged by Robinhood, requires broker-dealers to act as fiduciaries when providing investment advice to clients.
SEC Settles First Enforcement Action Under the Marketing Rule
SEC settles first enforcement action under new Marketing Rule; charges relate to misleading hypothetical performance in advertisements and several other compliance failures.
SEC Brings New Off-Channel Communications Cases, More to Come
SEC and CFTC enforcement cases for recordkeeping and supervision failures involving off-channel electronic communications on personal devices.
Private Fund Adviser Charged for Excessive Fees and Conflict Disclosure
SEC charges private fund adviser for miscalculating and not disclosing fees related to permanent impairment criteria.