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DOL fiduciary rule promotes a 'business form of skydiving'
InvestmentNews; Oct 20, 2016 @ 3:11 pm
The possibility of death always confronts skydiving thrill-seekers. Even with the most extreme degrees of caution — having top-notch equipment, ensuring for good weather — jumping out of a plane carries a certain level of risk.
The Labor Department's fiduciary rule is similar, in that the specter of litigation lurks no matter the compliance caution taken by brokerages and other financial institutions, a panel of attorneys said Thursday morning in a presentation on legal risk posed by the regulation.
And it's a matter of when, not if, that litigation occurs, they stressed.
SEC Sharpens Focus on Registered Investment Advisers
The Wall Street Journal; Oct. 20, 2016 9:46 a.m. ET
The Securities and Exchange Commission is stepping up its scrutiny of a fast-growing class of investment professionals and delegating more of its direct Wall Street oversight, the latest regulatory ripple stemming from last spring’s tightening of retirement savings rules.
In response to a boom in the number of so-called registered investment advisers, or RIAs, the SEC has boosted by 20% the number of examiners assigned to monitoring wealth-management firms and investment companies.