By Dan Moisand In a recent piece, Jason Zweig quotes the former Republican U.S. Senator from New Hampshire who also serves as the chief executive of the Securities Industry and Financial Markets Association, Wall Street’s main trade group, Judd Greg. It was regarding a possible Department of Labor rule applying a fiduciary standard to IRAs. […]
Welcome to Fiduciary September. The Institute for the Fiduciary Standard annually celebrates Fiduciary September to highlight the indispensable role fiduciary principles serve in preserving trust and confidence in our capital markets, and we believe 2013 may be a watershed year. The very meaning of ‘investment advice’ for retail investors may be fundamentally altered under intense […]
By Knut Rostad Saturday’s column by Jason Zweig may be the official start of the battle in Washington between the Department of Labor (DOL) and the brokerage industry regarding an anticipated DOL rule to modernize ERISA to, as Zweig points out, ensure brokers act “solely for the benefit of their clients when advising on individual […]
In a Congressional hearing last week at the Subcommittee on Capital Markets, Committee on Financial Services, a Fiduciary Bill Discussion Draft (DD) offered by Congresswoman Ann Wagner (R-MO), showcased the latest arguments against SEC fiduciary rulemaking. The Congresswoman’s central point was as clear as it was pungent: brokers’ clients would be greatly harmed if brokers […]
The SEC March 1 Release* assumptions about a possible uniform fiduciary standard and the duty of loyalty sharply restrict when fiduciary duties are applied. If these assumptions are adopted in rulemaking, fiduciary duties would effectively be removed for brokers and advisers giving investment advice to retail investors.
By Knut Rostad Editor’s Note: This article represents a condensed version of the Institute’s newly released white paper on the March 1 SEC release (PDF). Mary Jo White has a clear opportunity to kick off her leadership at the SEC with a strong signal on investor protection. The Chairman can express support for the requirements […]