Displaying items by tag: reg bi

(Washington)

The moment that brokers have been dreading for months has finally arrived…see the full story on our partner Magnifi’s site

Published in Wealth Management
Friday, 16 April 2021 17:29

Biden’s Big Regulatory Onslaught Begins

(Washington)

The Biden admin is tackling some of the changes made during Trump's administration, particularly to environmental social governance, fair lending, and consumer protection rules. The administration will not allow a set of measures that disincentivize ESG factors by shareholder voting restrictions. They have also reinstated the Consumer Financial Protection Bureau’s ability to seek monetary penalties for abusive practices and expanded the Equal Credit Opportunity Act to gender and sexual orientation protection. Finally, the administration reinforced the SEC’s ability to investigate and subpoena companies and individuals for investigation. These measures are just some of the ways the new administration is changing the regulatory landscape.


FINSUM: These regulations could have a profound impact on companies in the near and long term. One result is more definite, that this is just one more of many ways that the Biden Admin is incentivizing ESG.

Published in Wealth Management

(Washington)

Brokers, those that are dually-registered, pretty much anyone covered by Reg BI, you should be on the lookout for a pending crackdown by the new Biden administration-led SEC…see the full story on our partner Magnifi’s site

Published in Wealth Management

(Washington)

Brokers, advisors, anyone covered by Reg BI, look out for a crackdown by the SEC. Former chief of FINRA, Susan Schroeder, says that enforcement is likely to start soon (i.e. this year) and may be “very aggressive”. According to Schroeder, “Early enforcement actions will be predicated on things like policies and procedures, but by past SEC standards, that is very aggressive”, and if the enforcement actions “are predicated on things like inadequate training or failures to have policies and procedures, from a legal theory perspective, that’s aggressive”.


FINSUM: So any way you cut it, SEC enforcement of the DOL rule this year looks like it is going to be intense. Brokers beware.

Published in Wealth Management
Thursday, 11 March 2021 19:04

SEC Announces Big New Policy Change

(Washington)
Every year around this time, advisors can get a special look at what the SEC’s policy priorities are likely to be for the rest of the year. This takes on special significance this year since we have a new administration in place. The way to get the insight is to look at what focus the SEC applies to their regulatory exams, and this year they are quite interesting. SEC exams for 2021 will focus on Reg BI (not such a surprise), but also climate, ESG, and Crypto, among other topics.


FINSUM: Quite an interesting list, but one very notable absence: meme stocks/social media. This is important because some think the SEC will turn its gaze to that area, which might have delayed focus on Reg BI.

Published in Wealth Management
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