Compliance Newsflash – April 12, 2017April 12, 2017
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SEC Adopts JOBS Act Amendments to Help Entrepreneurs and Investors
On April 5, 2017, the SEC announced that it has adopted amendments to increase the amount of money companies can raise through crowdfunding to adjust for inflation. It also approved amendments that adjust for inflation a threshold used to determine eligibility for benefits offered to “emerging growth companies” (EGCs) under the Jumpstart Our Business Startups (JOBS) Act.
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DOL Quietly Strips Two Heavy Lifts From The Fiduciary Rule As It Makes Delay Official
On April 5, 2017, RiaBiz.com announced that in a move that took even seasoned ERISA attorneys by surprise, the DOL extracted the teeth from the fiduciary rule until Jan. 1, 2018. In making official its 60-day delay until June 9, the DOL eliminated its two most stringent requirements — namely the need to declare fiduciary status to clients and the associated need to disclose specific conflicts of interest. See: Where Puzder’s exit leaves the fiduciary rule, the DOL’s bastardized mission and whether the new appointee prospect is a patsy.
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