ERISA Requirements for Investment Advisers in Today’s Environment
Investment advisers doing business, even minimally, with ERISA clients are confronting increasingly complex compliance requirements. The ability to keep or pay either direct or indirect compensation earned by providing services to ERISA clients is contingent upon meeting certain “prohibited transaction” rules. In addition, the design and disclosure of compensation arrangements is now subject to stricter regulation by the DOL.
The SEC has announced that rollovers of retirement plans will be an examination focus in 2014. Given that rollovers were the subject of a GAO report in 2013 and continue to be of interest to the DOL, there could not be a more important time to understand the regulators’ concerns and how to address them.
The DOL’s controversial fiduciary rule is expected to re-emerge in 2014. The proposed fiduciary rule would redefine when a person providing investment advice becomes a fiduciary under ERISA. The definition the DOL had proposed would have been very broad: any person who provides investment advice to plans for a fee or other compensation. The rules were first proposed in 2010, but have been slowed by a flood of criticism. Broker-dealers have contended that their representatives would not be able to advise on retirement accounts if they have to meet the stricter standard.
Our panel of ERISA experts will offer context and perspective on these important developments coupled with practical tips for limiting your firm’s risk in the ERISA space.
After attending this course, attendees should be able to:
- Demonstrate a forward-looking approach to ERISA compliance by staying informed on recent DOL regulatory initiatives to anticipate and adapt changes to your firms’ compliance programs
- Keep abreast of enforcement trends to detect and prevent violations in advance and avoid sweep activity by regulators and evolving claims in ERISA litigation
- Establish the basic practice rules for disclosing and receiving compensation from ERISA plans
For whom: Designed to increase the professional competence of investment adviser professionals with legal, compliance and management responsibilities.
Suggested Skill Level: Intermediate
Instructional Method: Group Internet-Based
Prerequisites for participation: No prerequisites are required.
Advance Preparation: None
NRS Continuing Education Guide
Recommended CPE Credit: 2 in the Regulatory Ethics field of study
Recommended IACCP® CE Credit: 2
Recommended CA MCLE Credit: 2
Recommended CFP Credit: 2