DOL Fiduciary News: January 24, 2017
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Two possible routes Trump could take to delay DOL fiduciary rule
InvestmentNews; Jan 23, 2017 @ 2:34 pm
While President Donald Trump's order on Friday for a regulatory freeze (https://www.whitehouse.gov/the-press-office/2017/01/20/memorandum-heads-executive-departments-and-agencies) doesn't pertain to an investment-advice regulation issued under the Obama administration, it has led financial-industry stakeholders and analysts to engage in a dizzying guessing game on the rule's fate.
Many believe the U.S.' new president will take action against the Department of Labor's fiduciary rule, the implementation date of which begins April 10, but its form is still a mystery
Lawsuits could be used to delay DOL fiduciary rule
InvestmentNews; Jan 23, 2017 @ 1:46 pm
Supporters and opponents of a Labor Department investment-advice rule continue to sit on the edge of their chairs waiting for the newly minted Trump administration to address the regulation — a move that could be related to several lawsuits under way in courts across the country.
Last Friday, White House chief of staff Reince Preibus issued a memo (https://www.whitehouse.gov/the-press-office/2017/01/20/memorandum-heads-executive-departments-and-agencies) to acting agency heads telling them to delay rules that haven't been finalized or were recently finalized.
SEC could step up if DoL rule is overturned, says FINRA CEO
Financial Planning; January 23 2017, 9:56pm EST
SAN FRANCISCO – If President Trump overturns the fiduciary rule, then the SEC and FINRA could fill in the regulatory gap, according to FINRA CEO Robert Cook.
Cook, speaking at the annual conference of the Financial Services Institute, said the SEC would be the most appropriate agency to implement a new regulatory standard. And FINRA would hope to play an active role, he said.
Jackson Launches Elite Access AdvisorySM
January 23, 2017 10:00 AM EST
DENVER -- (BUSINESS WIRE) -- Jackson National Life Insurance Company® today announced the launch of Elite Access (EA) Advisory, the company’s first fee-based investment only variable annuity (IOVA). EA Advisory is a variable annuity designed to enhance traditional investing with expertly-constructed portfolios, diverse investment options and tax advantages.
Greg Cicotte, executive vice president and chief distribution officer for Jackson, said the launch of EA Advisory broadens the company’s entrance into the fee-based space, as this product is a fast follower to the introduction of Perspective AdvisorySM, Jackson’s first fee-based variable annuity, released in September 2016.
“As advisors and their firms continue to determine how best to comply with the U.S. Department of Labor (DOL) fiduciary rules, we’ve seen increased market demand for products compatible with fee-based accounts,” Cicotte said