DOL Fiduciary Rule Rises Again, Regulatory Freeze Continues, FINRA Releases Exam Piorities: Regulatory Update for March 2021 | Hardin Compliance Consulting LLC
For Investment Advisers On December 18, 2020, the Department of Labor (DOL) adopted Prohibited Transaction Exemption 2020-02 (“PTE 2020-02”), subjecting 401(k) rollover subject to ERISA’s fiduciary rules (sometimes). The exemption, called Improving Investment Advice for Workers and Retirees, expands the definition of fiduciary advice under ERISA to recommendations about rollovers and IRA investments. So now, in addition to best interest, fiduciary and disclosure standards imposed by the SEC and FINRA, investment advisers, broker-dealers, banks, and insurance companies (“Financial Ins...
Source: jdsupra.com