The American Council of Life Insurers ("ACLI") submitted a statement to the Health, Education, Labor and Pensions Subcommittee criticizing the Department of Labor's proposed fiduciary duty rule. The ACLI statement was submitted at a Subcommittee hearing titled "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." According to ACLI, the Department of Labor's proposed fiduciary rule will "restrict activities that encourage low-to-moderate-income Americans to save, stifle the formation of small business workplace benefit plans, and
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Three investment advisory firms and two dually registered broker-dealer and advisory firms settled SEC charges for improper sales of volatility-linked exchange-traded products.
SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.
A U.S. broker-dealer agreed to pay restitution to settle FINRA charges of making unsuitable recommendations in connection with volatility-linked exchange-traded products. FINRA reminded firms of sales practice obligations for such products.
The CFTC Division of Swap Dealer and Intermediary Oversight issued an advisory that provides guidance regarding requirements imposed on commodity trading advisors ("CTAs") resulting from Dodd-Frank. Dodd-Frank amended the statutory definition of CTA to include any person who engages in the business of advising others on swaps. As a result, provisions of the CEA and CFTC Rules applicable to CTAs may result in new advisory obligations. Additionally, according to the advisory, certain CTAs who were previously exempt from registration with the CFTC are now required to register due to the CFTC’s