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1 min read

SEC Chair Clayton to Step Down

By NAIFA on Nov 17, 2020 8:45:10 AM

The National Association of Insurance and Financial Advisors (NAIFA) would like to thank Securities and Exchange Commission Chairman Jay Clayton for his leadership and service. Clayton has announced that he will leave the agency at the end of 2020. As chairman, Clayton has shown a strong willingness to understand and consider the perspectives of financial professionals. He has met with NAIFA leaders and members on issues of importance to advisors and their clients.

Topics: Legislative & Regulatory Reg BI SEC
1 min read

Federal Appeals Court Rejects Challenge to Reg BI

By NAIFA on Jun 29, 2020 10:45:20 AM

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 Reg BI
1 min read

SEC Chair Urges Caution Recommending Retirement Account Rollovers, Withdrawals

By NAIFA on Jun 18, 2020 9:07:19 AM

SEC Chairman Jay Clayton issued a statement June 15 reminding financial firms and advisors of the new, enhanced conduct standards found in Regulation Best Interest. Reg BI requires broker-dealers and their representatives to act in the best interest of their clients when making recommendations, and to not put the firm’s or representatives’s financial interests ahead of the consumer’s.

Topics: Retirement 401(k) Standard of Care Reg BI

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