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DOL Fiduciary News: June 21, 2016

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How DoL rule may impact mutual funds

Financial Planning; June 20 2016, 10:40am EDT

Financial product manufacturers may be making serious adjustments in the wake of the new Department of Labor fiduciary rule.

"The rule may prove to be transformative for certain products and services," said compliance expert Blaine Aikin, executive chairman of fi360, speaking on a panel at SourceMedia's annual In|Vest digital conference in New York on Friday.

Retirement industry leader calls for united front in Washington

InvestmentNews; June 20, 2016 @ 1:58 pm

An executive in the retirement savings sector is calling on the industry to present a united front to lawmakers and regulators so it can influence future rules better than it did a recently finalized Labor Department investment advice regulation.

Edmund F. Murphy III, president of Empower Retirement, said Monday that regulators are exerting more influence than ever and firms must work together to ensure they can shape the policies coming out of Washington.

DOL Files to Consolidate 3 Fiduciary Suits in Texas; House Sets Veto-Override Vote

ThinkAdvisor; June 201, 2016

The Department of Labor filed a motion Friday requesting that the three lawsuits pending in the U.S. District Court for the Northern District of Texas challenging DOL’s fiduciary rule be consolidated; the plaintiffs agreed to consolidation in a Monday response, but insisted that each of the cases be allowed to “retain their separate identities” and move forward “expeditiously.”

DOL stated in its Friday motion that consolidation is appropriate because all three actions “challenge the same agency rulemaking and present substantially the same legal issues,” and that such consolidation would avoid duplicative proceedings.

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