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How President Trump will roll back fiduciary rule
Financial Planning; November 15 2016, 2:03pm EST
The fiduciary rule could die one of two deaths, putting the industry back to square one after years of back-and-forth struggles between opponents and supporters of the regulation, experts say.
In the first of two scenarios, Republican members of congress who control both the Senate and House of Representatives, can attempt to kill the rule by passing a bill. Earlier attempts to do just that floundered and faced almost certain veto from President Obama.
SEC’s White: No SEC Fiduciary Rule Coming Before January
ThinkAdvisor; November 15, 2016
Securities and Exchange Commission Chairwoman Mary Jo White told House lawmakers Tuesday that she doesn’t expect the commission to act on a uniform fiduciary duty rule for broker-dealers and advisors before she leaves her post in January.
“I don’t think there’s consensus to move that forward in the current commission,” White said during her last testimony before the House Financial Services Committee to discuss the agency’s FY 2018 budget request.
ACA Noise Could Drown Out DOL Rule Repeal
InsuranceNewsNet; November 15, 2016
The Department of Labor fiduciary rule is a wild-card issue in the new Republican-led government, say several industry and Beltway sources.
Republicans have vocally opposed the rule and now control Congress and the White House. While the fiduciary rule should be on life support, several factors make that outcome less than obvious.
Despite Election, B-Ds Moving Full Speed Ahead On DOL Rule
Financial Advisor; November 15, 2016
Despite speculation about the DOL rule’s early death, brokerage firms are moving ahead full speed to meet the April 10 compliance date.
They have little choice.
While the incoming Trump administration and a Republican Congress might repeal or delay the rule, the industry can’t count on repeal legislation being completed by April. And an entirely new rulemaking process would take far longer.
Invesco remains on board for DOL rule rollout despite election uncertainties
SNL.com; Tuesday, November 15, 2016 2:46 PM ET
Despite speculation that Donald Trump's victory in the U.S. presidential election could lead to the elimination of the U.S. Department of Labor's Conflict of Interest rule, Invesco Ltd. anticipates few changes to the status quo ahead of April's planned rollout.
In his first public comments since Trump was elected Nov. 9, Invesco CFO and Senior Managing Director Loren Starr said the Atlanta-based asset manager is operating under the expectation that the fiduciary rule will be implemented in some form or fashion next spring. Speaking to analysts at the Bank of America Merrill Lynch Banking & Financial Services Conference in New York, Starr indicated that it is not feasible for the company to dramatically alter its game plan to proposed rule changes that have been in the works for years.
NAFA Files Appeal of DOL Rule Lawsuit Decision
InsuranceNewsNet; November 15, 2016
The National Association for Fixed Annuities filed a motion for an expedited appeal in its lawsuit to stop the Department of Labor fiduciary rule.
Judge Randolph D. Moss denied NAFA's motion for a preliminary injunction Nov. 4.
As part of the ruling in District of Columbia District Court, Moss granted the DOL request for summary judgement.