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DOL Fiduciary News: October 25, 2017

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Clayton says SEC can't simply take over DOL fiduciary rule

InvestmentNews; Oct 24, 2017 @ 2:23 pm

Industry opponents of the Labor Department's fiduciary rule want the Securities and Exchange Commission to swoop in and take over rulemaking on investment advice standards, but the agency can't simply stop the DOL regulation, SEC Chairman Jay Clayton said Tuesday.

"They have their process. We have our process. We have to respect those," Mr. Clayton said at the Securities Industry and Financial Markets Association annual conference in Washington. "We have the authority and the expertise to be leaders in this space. The DOL has a responsibility. States have a responsibility. We need to cooperate."

Part of the DOL rule, which requires brokers to act in the best interests of their clients in retirement accounts, became applicable in June. The agency is now reassessing the enforcement mechanisms of the measure in a review order by President Donald J. Trump that could lead to major revisions.

New PIABA President Vows to Reform Arbitration Rules and Protect DOL Rule

Financial Advisor; October 24, 2017

Attorney Andrew Stoltmann is roaring into the top spot at the Public Investors Arbitration Bar Association with an aggressive agenda that includes reforming arbitration, improving awards collection and preventing the Securities and Exchange Commission from watering down the Department of Labor (DOL) fiduciary rule.

“This is a tipping point because literally every single material protection for investors is at issue and is in peril right now,” new PIABA President Stoltmann told Financial Advisor magazine. “We have a watchdog out there (the SEC) that might gut the most important rule for investors in decades so it’s going to be an extraordinarily important year,” says Stoltmann.

The veteran investor attorney and founder of Chicago-based Stoltmann Law Offices P.C. has taken on leading Wall Street and brokerage firms including Merrill Lynch, Morgan Stanley, Wells Fargo, LPL Financial and UBS during the 1,000 plus arbitration cases he has handled for investors. 

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