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NEWSLETTER: Spring always promises to be a season that ushers in the new, and it’s a sentiment the US regulators seem to be taking to heart. Earlier this month, the Department of Labor released final rules governing investment advice provided to retirement plan participants and IRA account holders.
While broad reaching, this consolidates the current fiduciary duty standard applied to investment advisers alongside Regulation Best Interest for broker-dealers. As we unpick the rules, we’ll be looking at how firms should review and amend practices when giving advice to retirement plans.
The DOL isn’t the only regulator who’s been busy. In April, the SEC announced multiple enforcement actions against firms for violations of the Marketing Rule. At the same time, the Commission released a risk alert summarising the results of sweep examinations of firms’ marketing practices. As these continue to be under the microscope, the alert can be a useful tool to evaluate how yours hold up.
We also look at updates to 13F reporting, Form SHO filing and Form PF. As the compliance deadlines for these rules approach, take the time to triple check you have the right policies, procedures and training in place.
Finally, private fund managers should not lose sight of their preparations for the new private fund rules going into effect next year. Like most things, the devil’s in the detail, and as we put the finishing touches on key considerations while you prepare, our previous insight on the reforms is a useful refresher.
Rebecca Thorpe
Chief Executive Officer
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