DOL Brings Back Impartial Conduct Standards in FAQs, SEC Weighs in on ESG Investing, and FINRA Makes it Even Harder to Hire Reps with Black Marks: Regulatory Update for May 2021
By EsqSocial Corporation 18/05/21
For Investment Advisers and Broker-Dealers - Bringing Back BICE. The Department of Labor (DOL) issued some Frequently Asked Questions on its new Prohibited Transaction Exemption 2020-02 (“PTE 2020-02”). First, the bad news. The DOL is sticking to its guns by affirming that a recommendation to rollover assets from an ERISA plan or IRA can be considered fiduciary investment advice under ERISA if the advice is either part of an existing relationship or the start of an ongoing relationship. Now,...
By: Hardin Compliance Consulting LLC