The Senate passed a resolution of disapproval blocking the Department of Labor's implementation of its "fiduciary" rule. The rule defines the term "fiduciary" and concerns conflicts of interest in retirement investment advice.
The SEC adopted technical corrections to a final rule on business conduct standards for security-based swap dealers and major security-based swap participants. The adopted technical corrections were published in the Federal Register.
Newly adopted SEC rules concerning (i) business conduct standards, (ii) the designation of a chief compliance officer for security-based swap dealers and major SBS participants, and (iii) their cross-border application and substituted compliance were published in the Federal Register.
The SEC adopted new rules that implement the provisions of Title VII of the Dodd-Frank Act concerning (i) business conduct standards, (ii) the designation of a chief compliance officer for security-based swap ("SBS") dealers and major SBS participants, and (iii) the cross-border application of the rules and the availability of substituted compliance.
The North American Securities Administrators Association now offers a training program for state regulators to teach broker-dealers and investment advisers to identify signs of financial abuse of seniors.
A recent post on SIFMA's "Pennsylvania + Wall" blog is highly critical of a recently published academic report. SIFMA argues that the report makes "overly broad and inflated claims" concerning levels of misconduct among financial advisors.
The SEC issued a guide that warns investors against government impersonators who target prior fraud victims. The SEC issued a second guide that warns investors to be wary of false information about "microcap stocks" – low-priced stocks issued by small companies.
The Vermont Department of Financial Regulation is seeking public comments on Securities Rule S-2016-01, which would establish a comprehensive set of regulations to govern the sale of securities in the State.
SIFMA expressed support for the Senior$afe Act of 2015. In a letter to Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), SIFMA stated that the act would prevent financial exploitation and "better protect firms and advisors who are looking out for the best interest of their elder clients".