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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.
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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.
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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.”
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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.
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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.
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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.
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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.
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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.
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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.
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December 14 2016 - NRS Insights

Will the DOL’s New Fiduciary Rule Require That I Take the Series 65 or Series 66?

Great question! As we approach April 2017, when the Department of Labor’s Fiduciary Rule is scheduled to take effect, we’re consistently asked, “Will I be required to take the Series 65 (or Series 66)?”
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