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 Retirement Gamble
Frontline’s documentary film was broadcast April 23 and is available on line at http://www.pbs.org/wgbh/pages/frontline/retirement-gamble/ “The Retirement Gamble,” offers a glimpse into the precarious state of American retirement, and a ringside seat to the battles being waged in Washington over investor protections. The major theme throughout the film is the meager retirement savings of most Americans […]
Institute for the Fiduciary Standard Establishes Frankel Fiduciary Prize
The Institute for the Fiduciary Standard today announced the establishment of the annual Frankel Fiduciary Prize to honor individuals who advance fiduciary principles. The Frankel Fiduciary Prize will be awarded annually to a person who has made significant contributions to the preservation and advancement of fiduciary principles in public life. The prize is named after […]
Fiduciary Reference – Analysis of Investment Fiduciary Issues
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.
SEC Chairman Mary Jo White’s First Investor Protection Test: Will She Opt for FINO Over the Authentic Fiduciary Standard?
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 […]
The Fiduciary Obligations of Financial Advisors Under the Law of Agency
By By Robert H. Sitkoff — “Whether a financial advisor is an “investment advisor” or a “broker” (or neither) under the federal securities laws, an advisor may be an agent under the common law of agency.”
