Compliance innovation moves fast, but the news moves faster. To keep you and your team up to speed on the latest happenings and goings-on in the compliance world, we’ve aggregated the top five articles from the past few weeks to provide an in-depth look at the regulatory ecosystem.
Stay up-to-date and in the know on everything happening in the compliance world as of March 1, 2024.
Final DOL Fiduciary Rule Likely Out This Year – Author Melanie Waddell
The Labor Department aims to finalize its revised fiduciary rule by summer, likely implementing it by January 1, 2025, in anticipation of election outcomes. ERISA attorneys predict a quick timeline influenced by political considerations. Controversial aspects include defining single recommendations as fiduciary advice and the impact on independent insurance agents. Congressional interest remains high. The rule significantly affects various financial sectors, particularly independent insurance producers.
New SEC Dealer Rule Will Hit Private Funds: SEC Roundup – Author Nick Morgan and Tom Zaccaro
In their bimonthly video series “SEC Roundup,” former SEC senior trial counsels Nick Morgan and Tom Zaccaro discuss recently finalized SEC rules with Suzan Rose of the Alternative Investment Management Association.
“A key concern raised is the open-ended nature of certain provisions within the rules, leaving room for interpretation and granting the SEC considerable discretion in their application. While some problematic standards were dropped from the final rule, the remaining provisions still pose challenges, especially regarding the potential classification of fund managers as dealers.”
How developments out of D.C. are affecting financial advisors – Author Courtney Hoff Dockerty
Wealth managers stay attuned to legislative changes in Washington, D.C., as Fed’s interest rate decision and pre-election proposals for billionaire taxes impact their strategies. Challenges face the Department of Labor’s retirement rule amid political shifts. FINRA faces a lawsuit challenging its regulatory authority, posing existential threats. Financial advisers navigate uncertainties amid evolving regulatory landscapes.
US SEC to vote on long-awaited climate disclosure rule, notice says – Author Douglas Gillison
The SEC plans to vote on March 6 on adopting rules mandating U.S.-listed companies to disclose climate-related risks. These rules aim to standardize disclosures regarding greenhouse gas emissions and transition spending, providing investors consistent and comparable information. While initially ambitious proposals have been scaled back amid opposition from companies and Republican officials. The article expresses the expectation of rule adoption, however acknowledges pending legal challenges.
SEC’s Gensler Bracing for Lawsuits Over Climate Rule – Author Richard Vanderford
SEC Chair Gary Gensler anticipates legal challenges over the agency’s proposed rule mandating climate-risk disclosures by public companies. The rule aims to standardize reporting on climate-related risks and impacts, providing investors with crucial information. Gensler expects lawsuits from both industry groups and environmental activists, reflecting the contentious nature of climate disclosure regulations. Despite potential legal battles, Gensler remains committed to advancing the rule, emphasizing its importance in addressing climate change and protecting
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