DOL Fiduciary News: November 30, 2016
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NCOIL Passes Resolution Urging States to Oppose Labor Fiduciary Rule
Best's News Service via Bestwire -- November 29, 2016 11:52 AM
MANASQUAN, N.J. -- The National Conference of Insurance Legislators at its annual meeting passed a resolution urging state lawmakers to oppose the U.S. Department of Labor’s fiduciary rule update.
The Labor Department released an updated rule in April to force retirement investment advisers to act in the best interest of their clients and it imposes a range of new regulations to help them do so.
The resolution, sponsored by Arkansas state Sen. Jason Rapert, said the rule redefines circumstances under which providing “investment advice” could give rise to fiduciary status under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code.
(http://www.ambest.com)
IBDs overwhelmingly say Trump should revoke fiduciary rule: survey
InvestmentNews; Nov 29, 2016 @ 1:09 pm
Registered representatives of independent broker-dealers overwhelmingly believe president-elect Donald Trump should revoke the Labor Department's fiduciary rule, according to a survey conducted by the Financial Services Institute Inc., a trade group representing IBDs.
Eighty-six percent of survey respondents said Mr. Trump should revoke the regulation, which raises investment advice standards in retirement accounts such as 401(k)s and IRAs.
(http://www.investmentnews.com)
Top Republican urges regulators to back off
The Hill; 11/29/16 12:19 PM EST
A top Republican is urging the Obama administration to halt implementation of controversial regulations, including the Labor Department’s overtime rule.
In letters to the Labor Department, Environmental Protection Agency (EPA) and Food and Drug Administration (FDA), Sen. Ron Johnson (R-Wis.) said there is no point to enforcing rules that Trump plans to overturn with the help of Congress.
Johnson’s letters single out of the Labor Department’s overtime and fiduciary rules; the EPA’s clean power plan and waters of the United States standard; and the FDA’s electronic cigarettes rules.
(http://thehill.com)
DOL Fiduciary Rule: Has the Train Left the Station? [Aite Group report]
Boston, November 29, 2016 – The U.S. government taking office in January 2017 will determine the future of the Department of Labor's fiduciary rule. Yet what’s passed to date is a significant education on the role of a fiduciary. Client conversations were held, and advisors were trained. Operational and compliance processes were re-evaluated and redesigned, while product platforms were determined. Could it all be undone and the sunk costs put aside? Yes. But would a move toward fiduciary actions and fee transparency safeguard a much needed re-establishment of a trusted industry?
(http://aitegroup.com)