Compliance Newsflash – September 6, 2017

September 6, 2017

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Chairman Clayton Names Executive Staff
On August 31, 2017, SEC announced that John Cook, Jeffrey Dinwoodie, Raquel Fox, Kristina Littman, Alan Cohen, Christopher Carofine, and Shelby Begany Telle have been named to the executive staff of Chairman Jay Clayton. These executive staff members will advise Chairman Clayton alongside Chief of Staff Lucas Moskowitz, Deputy Chief of Staff Sean Memon, Chief Counsel Jaime Klima, Managing Executive Peter Uhlmann, and Senior Advisor to the Chair for Cybersecurity Policy Christopher Hetner. Chairman Clayton’s executive staff is responsible for advising the Chairman on all matters before the Commission, working closely with agency staff, and helping the Chairman perform all day-to-day operations needed to fulfill the SEC’s mission.
To read the full article, click here.

DOL Proposes to Defer Full Implementation of its Fiduciary Rule Until July 1, 2019
On September 1, 2017, Lexology reported that the DOL published a proposal to defer full implementation of the Fiduciary Rule until July 1, 2019.1 Persons deemed fiduciaries under this rule may not receive transaction-based compensation or engage in principal transactions with their retail retirement clients, unless they comply with a prohibited transaction exemption (PTE). At the same time that the Fiduciary Rule was adopted, the DOL also adopted two new PTEs, the Best Interest Contract Exemption (“BIC Exemption”) and the Principal Transaction Exemption, to permit fiduciaries to receive transaction-based compensation and to act as principals subject to the strict conditions set forth in the new PTEs.
For more information, click here.