Bradford Campbell, a partner with the law firm Faegre, Drinker, Biddle & Reath, testified today on behalf of NAIFA and several other industry organizations at the U.S. Department of Labor’s Administrative Hearing on the Proposed Class Exemption Regulation “Improving Investment Advice for Workers & Retirees.”
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Industry Groups Testify at Hearing on DOL Proposal
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Fiduciary
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NAIFA Sees DOL Proposal as a Step in the Right Direction, But Offers Improvements
NAIFA President Cammie Scott submitted a comment letter on behalf of NAIFA that generally supports the Department of Labor’s proposed class exemption for investment advice fiduciaries under ERISA and the Internal Revenue Code and makes several suggestions to improve the proposal.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation Fiduciary
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DOL Proposes New Rule to Replace Fiduciary Rule NAIFA Helped Defeat
The U.S. Department of Labor has proposed a new rule to govern the standard of care for producers providing consumers with retirement guidance and products. NAIFA was a part of the lawsuit, along with the American Council of Life Insurers and other groups, that resulted in the DOL’s original fiduciary rule being struck down by the Fifth Circuit Court of Appeals in 2018. The new proposal would create a “best interest” prohibited transaction exemption (PTE) for ERISA- and Internal Revenue Code-covered investment advice fiduciaries.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation Fiduciary
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Federal Appeals Court Rejects Challenge to Reg BI
In an opinion published last Friday, the Second Circuit Court of Appeals upheld the validity of the SEC’s Regulation Best Interest and rejected the challenge to the rule which had been filed last fall by a group of state attorneys general and several private financial firms. The court did not agree with the plaintiffs’ claim that the Dodd Frank Act required the SEC, if it chose to act, to adopt a standard of conduct for broker-dealers that paralleled the fiduciary standard applicable to investment advisers under the Investment Advisers Act.
Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Insurance & Financial Advisor Regulation Regulation Best Interest Fiduciary
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Massachusetts Adopts Final Fiduciary Duty Rule Financial Professionals
Topics: State Advocacy Standard of Care & Consumer Protection Insurance & Financial Advisor Regulation Massachusetts Fiduciary
Gov. Baker Expresses Concern About Massachusetts Fiduciary Proposal
Topics: State Advocacy Standard of Care & Consumer Protection Insurance & Financial Advisor Regulation Massachusetts Fiduciary
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NAIFA's Mayeux To Testify On Massachusetts Fiduciary Proposal
NAIFA CEO Kevin Mayeux is set to testify tomorrow before the Massachusetts Securities Division concerning the state’s proposed fiduciary duty for insurance and financial professionals (i.e., proposed amendments to 950 CMR 12.200). He will testify on behalf of NAIFA’s national organization and the NAIFA-Massachusetts state chapter.
