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Here we go again.
A Senate hearing for President Joe Biden’s nominee for chairman of the Securities and Exchange Commission, Gary Gensler has yet to be scheduled, but that hasn’t kept Regulation Best Interest critics from coming out again, this time with a white paper published by the Institute for the Fiduciary Standard calling for the commission “to move quickly to correct the [Reg BI] rulemaking and interpretations.”
Amending a painstakingly crafted regulation of the magnitude of Reg BI less than a year after it became effective might seem a bit premature like re-renovating a house a year after it was taken down to the studs. But given that Gensler chaired a commission in the state of Maryland that advocated for the state to adopt a fiduciary standard, fiduciary purists see an opportunity to tinker with, if not fully redo, one of the signature achievements of previous SEC Chairman Jay Clayton.
Tobias Financial Advisors Kicks 2021 Annual Support Into High Gear with Corporate Partnership Commitment to Ann Storck Center
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Fee-only wealth management firm paves the way as first formal Corporate Partner to nonprofit serving those living with severe/multiple developmental disabilities. FORT LAUDERDALE, Fla. (PRWEB) February 11, 2021 Ann Storck Center and Tobias Financial Advisors are thrilled to announce the launch of the new corporate partner giving track at the Center. As the Center turns 70, it revamps its giving structure and strategy to embrace long term sustainability, advance its mission, attract philanthropy, and drive integrated multi-dimensional support. Tobias Financial Advisors paves the way as the first formal Corporate Partner.
Fiduciary Advocates Urge SEC to Take Best Interest Out of Reg BI A new report from the Institute for the Fiduciary Standard urges the SEC to “rebrand Reg BI as a ‘New Suitability’ standard for broker/dealers” to clarify that brokers’ product recommendations are different from best interest fiduciary advice.
As the Securities and Exchange Commission Chair nominee Gary Gensler awaits his Senate confirmation process, critics of the agency’s Regulation Best Interest acknowledged that new rulemaking would be necessary to enact the changes they sought, according to participants on a conference call hosted by the Institute for the Fiduciary Standard this week.
Gensler expected to put teeth in Reg BI not overturn it
A former chairman of the Commodities Futures Trading Commission, former Treasury Department official and former Goldman Sachs executive, Gensler has developed a reputation as a tough regulator who also was a successful leader on Wall Street.
January 19, 2021 3 MINS
Investor advocates and other experts expect Gary Gensler to strengthen the broker investment advice standard his predecessor put in place rather than redo it when he takes over the Securities and Exchange Commission.
President-elect Joe Biden said on Monday he will nominate Gensler to be the next SEC chairman. If he’s confirmed by the Senate, Gensler will give the five-person panel a 3-2 Democratic majority.