Compliance Newsflash – May 31, 2017

June 1, 2017

DLA is committed to keeping our clients and friends updated on relevant news and topics in the industry by distributing a weekly Compliance Newsflash. We hope this provides you with helpful and insightful information for you and your firm! Join our mailing list by clicking here: DLA Newsflash Registration.

Wall Street May Get a New Chance to Gut Obama’s Broker-Conflict Rule
On May 26, 2017, Bloomberg reported that the finance industry may get a fresh opportunity to chip away at an Obama-era rule that cracked down on Wall Street conflicts of interest, as the Securities and Exchange Commission is considering reviewing the responsibilities that brokers have to their clients.  The SEC’s first step could be seeking feedback on what’s known as a fiduciary duty — the requirement that financial professionals offering investment advice put their customers’ interests ahead of their own, said two people with knowledge of the matter who asked not to be named because the agency hasn’t announced its plans.
For more information, click here.

DOL Fiduciary Rule: Acosta makes it clear that revisions are coming
On May 27, 2017, Investment News reported that Mr. Acosta’s decision not to delay the June 9 applicability date of the rule made it evident that revising the measure is the endgame. The administration clearly saw that time was up for another delay. And advisers will benefit at the very least from certainty about the timing of DOL rule elements they will be responsible for meeting in a mere two weeks. Advisers also received answers to frequently asked questions and clarification on enforcement over the period from June 9 through the full implementation date of Jan. 1, 2018.
To read the full article, click here.