Jim Carrey for Education Secretary and Effect on DOL Rule
Today’s news declaring Andy Puzder as Trump’s pick for Labor Secretary does not bode well for the short-term prospect of moving the date of the DOL Fiduciary Rule. For the past several weeks, the consensus in our industry was that the date could be moved by the incoming Secretary. The caveat is that the incoming Labor Secretary’s ability to move the date hinges on his/her confirmation by the legislature in a timely manner. Read more
Mutual Fund Transparency in Support of DOL Rules
The last several years have demonstrated an ongoing focus on transparency driven by guidance and rules from the governing bodies of the mutual fund industry. To date, most transparency initiatives have focused on Dealer to consumer transparency (404a and 408b2) and Dealer to Fund transparency that support a myriad of requirements from “Distribution in Guise” prospectus rule compliance including Rule 22c-2. The Department of Labor proposal reveals a new requirement on the horizon for increasing dealer transparency into the DOL’s fee and fiduciary requirements. So why has this become of interest to the DOL now? To understand this drive requires looking at the dealer infrastructure. Read more
