NRS Insights Blog
March 23 2017 - NRS Insights
“Fiduciary Rule” Will Not Be Enforced Until Effective Date Is Cleared Up
In its latest release concerning the fiduciary rule, the Department of Labor has issued a “field assistance bulletin” to clarify the fast-approaching April 10 effective date, and what would happen if a final decision on the delay has not been reached before the official implementation date. This is a welcome announcement to financial services firms that have been in limbo since President Trump’s directive to review and potentially revise or rescind the rule, in addition to the DOL’s subsequent proposal to delay the rule’s applicability date by 60 days.
Find out more
March 13 2017 - NRS Insights
Robo-Technology presents unique Compliance Challenges
For any skeptics, late adopters or those who viewed robo-technology as a passing fad, the time for ambivalence is over; the verdict on robo-advisers is in and they are here to stay. Robos are well positioned to thrive as technology continues to advance, as small investors increasingly find traditional advisory services cost-prohibitive, and as regulatory and industry forces such as the DOL Fiduciary Rule and the trend toward passive management styles combine to create the perfect climate for robo-tech success.
Find out more
March 13 2017 - NRS Insights
First Steps Taken in Delay of the DOL’s Fiduciary Rule
On Wednesday, March 1, the Department of Labor released a proposed rule that would extend the effective date of the new ERISA Fiduciary Rule by 60 days, delaying implementation of the final rule from the current April 10 compliance date to June 9, 2017.
Find out more
March 9 2017 - NRS Insights
How Multi-Branch Advisers Can Comply with New OCIE Initiative
Why was the alert issued? OCIE staff “observed an apparent increase in the use of investment advisers employing a business model with numerous branch offices and operations geographically dispersed from the adviser’s principal or main office.”
Find out more
February 17 2017 - NRS Insights
DOL Files for Delay of Fiduciary Rule
On February 9 the DOL filed a request with the Office of Management and Budget (OMB) for a delay in the April 10 Applicability Date for the Fiduciary Rule. The text of the request is expected to appear in the Federal Register shortly after the OMB review is completed. Published sources are indicating that the proposal is for a 180-day delay, which would be consistent with the preliminary drafts of President Trump’s Memorandum of February 3.
Find out more
February 9 2017 - NRS Insights
DOL Fiduciary Rule Upheld in Texas Federal Court
On February 8, 2017 Chief Judge Barbara M.G. Lynn of the Northern District of Texas upheld the DOL fiduciary rule against lawsuits by SIFMA, the US Chamber of Commerce, the Financial Services Roundtable and others. The judge issued an 81 page opinion addressing, and refuting, each of the plaintiffs’ arguments. The judge also denied a motion to stay the proceedings that had been filed by the US Department of Justice filed just that day.
Find out more
February 8 2017 - NRS Insights
Trump Orders a Review of Dodd-Frank & The DOL’s Fiduciary Rule
The first order directs the Treasury secretary and financial regulators to revise some of the rules that the Dodd-Frank Act of 2010 put into place. The far-reaching Dodd-Frank Act was created to overhaul the U.S. financial systems after the financial crisis of 2008. President Trump has ordered a review of ways to dismantle many of these rules and regulatory systems.
Find out more
February 6 2017 - NRS Insights
What does the Presidential Memorandum mean for the DOL rule?
Will there be a delay before April 10?
Contrary to many published reports, the Memorandum does not include a provision delaying the April 10 applicability date. A draft version of the memorandum, which was circulated to journalists, attorneys and industry organizations, had included a 180-day delay to the April 10 applicability date. However, the delay was apparently edited out of the final draft.
Find out more
February 2 2017 - NRS Insights
Surprise! DOL Rolls Out a Second Set of FAQs and Clarifies Its Position on 12b-1 Fees
Ok Ok Ok . . . No matter how many times you’ve read information on the DOL’s new fiduciary standard, it’s still hard to decipher, right? Obviously, the DOL is aware of this, since it has released not one, but two FAQs. The most recent set of FAQs, released January 13, is 17 pages long — that’s a lot of questions, and we hope, an equal amount of answers.
Find out more
January 6 2017 - NRS Insights
Compliance Alert: Publication of Transactions and Quotations Update
Effective December 15, 2016, a revision of FINRA Rule 5210 (Publication of Transactions and Quotations) goes into effect, further defining prohibited actions related to disruptive quoting and trading.
Find out more
