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Author: Melanie L. Fein Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
This paper discusses how the Securities and Exchange Commission might formulate a “best interest” standard of conduct for broker-dealers and investment advisers under the Dodd-Frank Act that would be consistent with the Department of Labor's best interest contract exemption, the trust law standard in the Uniform Prudent Investor Act, and FINRA's Suitability Rule.
Author: Melanie L. Fein Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
This paper discusses how the Securities and Exchange Commission might formulate a “best interest” standard of conduct for broker-dealers and investment advisers under the Dodd-Frank Act that would be consistent with the Department of Labor's best interest contract exemption, the trust law standard in the Uniform Prudent Investor Act, and FINRA's Suitability Rule.
Author: Clifford E. Kirsch Publisher: ISBN: 9781402407710 Category : Business & Economics Languages : en Pages : 0
Book Description
Investment Adviser Regulation: A Step-by-Step Guide to Compliance and the Law gives you the thorough regulatory guidance you need to understand the rules currently governing investment advisers while ensuring you keep pace with the tougher rules to come. This straightforward, easy-to-read compliance resource shows you how to file and update the pivotal Form ADV and draft compliant advisory contracts.
Author: Christian D. Rahaim Publisher: iUniverse ISBN: 0595344291 Category : Business & Economics Languages : en Pages : 381
Book Description
For any company or person considering or currently serving in the capacity of an ERISA (Employee Retirement Income Security Act) fiduciary, author Christian D. Rahaim's The Fiduciary: An In-depth Guide to Fiduciary Duties--From Studebaker to Enron, is an invaluable resource. The Fiduciary contains essential material--from the evolution of the fiduciary concept to its adaptation in ERISA and its continued evolution in the workplace. The clear and concise chapters build the framework for the reader to develop an understanding of the content, operations, and issues with the fiduciary obligation, such as: - An overview of pension plans - Responsibilities of a fiduciary - Investment management for defined contribution and benefit plans - Plan fees and expenses - Administration and compliance Christian Rahaim relies on more than twelve years of human resource management experience to guide employers through the processes related to employee benefits and fiduciary responsibilities. Citing the classic example of the Studebaker Corporation and the high-profile debacle of Enron, he details major factors that should be considered in fiduciary roles. The Fiduciary is an employers' guide for updated information on the increasingly controversial, legislated, and litigated topic of employee benefit plans.
Author: Francis (Jay) Facciolo Publisher: ISBN: Category : Languages : en Pages : 67
Book Description
The debate about financial advice in the United States has taken a wrong turn. Instead of focusing on particular practices and the potential that these practices raise for conflicts of interest between advisers and their clients, the debate has focused recently on whether brokers, advisers to municipal and state issuers, and advisers to employee benefit plans regulated by ERISA should be held to a fiduciary duty standard. A fiduciary standard implies, in the words of Justice Cardozo, that “[a] trustee is held to something stricter that the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is then the standard of behavior.” The thought is that brokers and ERISA advisers will be more attentive to their clients' needs if such a fiduciary standard applies. Certainly, this is the basis upon which the Department of Labor is currently considering rules that apply fiduciary standards to ERISA advisers. This article argues that this reliance on fiduciary duties is misplaced. In part, this is because most fiduciary duties that arise with respect to financial advice can be modified by an agreement between the fiduciary and the beneficiary. There are procedural limits to ensure that a beneficiary has both the capacity and the information necessary to enter into a particular arrangement. But fiduciary duties turn out to be just a more punctilious version of contract law, with a few exceptions. This general contractual principle applies to both state fiduciary duties and to federal fiduciary duties that arise under statutes such as the Investment Advisers Act of 1940, the Investment Company Act of 1940 and ERISA.
Author: Barry Leonard Publisher: DIANE Publishing ISBN: 1437980600 Category : Business & Economics Languages : en Pages : 208
Book Description
Retail investors seek guidance from broker-dealers and investment advisers (BD&IA) to manage their invest. and to meet their own and their families¿ financial goals. BD&IA are regulated extensively, but the regulatory regimes differ, and BD&IA are subject to different standards under fed. law when providing invest. advice (IA) about securities. This report evaluated: (1) The effectiveness of existing legal standards of care for providing personalized IA and recommend. about securities to retail customers; and (2) Whether there are legal gaps in regulatory standards in the protection of retail customers relating to providing personalized IA about securities to retail customers that should be addressed by statute. This is print on demand report.
Author: Arthur B. Laby Publisher: ISBN: Category : Languages : en Pages : 70
Book Description
Investors face a dizzying array of choices regarding where to invest their funds and increasingly rely on experts for advice. Most advice about securities is provided by investment advisers or broker-dealers, legal categories with little meaning to most people but fraught with consequences. Although advisers and brokers often perform the same function, advisers are subject to a strict fiduciary standard to act in their clients' best interest while brokers are subject to a less rigorous standard of suitability to ensure that their recommendations are suitable for customers. In 2010, the Dodd-Frank Act authorized the U.S. Securities and Exchange Commission (“SEC”) to harmonize the regulation of advisers and brokers and impose a fiduciary duty on brokers that give advice. This Article is about whether the SEC should exercise its authority. After explaining the historical context regarding the debate over a fiduciary standard, the Article critiques common arguments for a fiduciary duty, concluding that they are incomplete and do not alone justify a change in the law. The Article then presents a better justification, based on the reasonable expectations of investors. Reasonable expectations arise from brokers marketing their services as advisory services and using titles, such as “financial advisor” and “financial consultant.” Reasonable expectations provide a stronger justification for a fiduciary standard than the conventional arguments.
Author: Tim Hatton Publisher: Bloomberg Press ISBN: 1576601838 Category : Business & Economics Languages : en Pages : 192
Book Description
Financial advisers, trustees, and plan sponsors—in fact, anyone who provides investment advice—may be held to a fiduciary standard of care for the financial well-being of their clients, beneficiaries, or employees. Accountants, attorneys, and wealth managers all need to know about these responsibilities. But what, exactly, is meant by the term fiduciary standard? What must advisers do to be sure their procedures meet legal and ethical standards? This book identifies the 27 Prudent Practices, organized under the Five Steps, that were developed by the Foundation for Fiduciary Studies—measures that professionals can take to demonstrate that they accept, understand, and are fulfilling the role of a fiduciary. Financial advisers and others offering investment advice will add meaningful value to their practice and show tangible evidence of what sets them apart from the pack. Attorneys, CPAs, and others serving as trustees will possess the knowledge to determine whether or not their clients’ investment portfolios are being managed appropriately. Plan sponsors will know what to look for in selecting investment consultants and in giving employees the disclosures and information they need. The most far-reaching trend in the financial-advisory business today is the move toward a fiduciary standard of care. This book establishes for the industry a credible investment-decision process that will meet the growing expectations of investors and regulators for integrity, transparency, and disclosure of fees and conflicts that affect their returns.
Author: Marcia S. Wagner Publisher: ISBN: 9781941627921 Category : Financial services industry Languages : en Pages : 0
Book Description
In April of 2016, the U.S. Department of Labor (DOL) released its final rule that greatly expands the DOL's definition of "fiduciary" to apply to a broad range of advisors and broker-dealers who work with retirement related accounts. With many advisors currently operating under a suitability standard, broad imposition of the much stricter fiduciary standard of conduct will be a major change that will be felt by nearly the entire financial services industry. Even advisors who currently meet the fiduciary standard will face new documentation and operational requirements. The Advisor's Guide to the DOL Fiduciary Rule is the premier resource guiding advisors, planners, agents, producers, attorneys and other professionals through the new requirements established by the DOL's significant new rule. Written by one of the most highly respected legal experts in the field, this Guide delivers a powerful combination of expert explanations and legal analysis along with vital Q&As that provide reliable, direct answers to vital questions before they arise.
Author: Melanie L. Fein Publisher: ISBN: Category : Languages : en Pages : 18
Book Description
The Securities and Exchange Commission recently issued a proposed new rule to be called “Regulation Best Interest.” The proposal is an important step toward fulfilling the goal of the Dodd-Frank Act to clarify the standards applicable to broker-dealers when they give personalized investment advice to retail customers. The proposal goes far toward a recognition that broker-dealers are fiduciaries when they give such advice. The proposed “best interest” standard on its face is a fiduciary standard, and brokers operating under it will be fiduciaries under widely recognized common law fiduciary principles. Yet, the Commission has failed to acknowledge that the proposed “best interest” standard is a fiduciary standard. This paper argues that the Commission should acknowledge that brokers are fiduciaries when they provide personalized investment advice to retail investors and should adopt a uniform fiduciary standard for both brokers and investment advisers in accordance with the Dodd-Frank Act.
Author: Melanie L. Fein
Author: Melanie L. Fein
Author: Clifford E. Kirsch
Author: Christian D. Rahaim
Author: Francis (Jay) Facciolo
Author: Barry Leonard
Author: Arthur B. Laby
Author: Tim Hatton
Author: Marcia S. Wagner
Author: 
Author: Melanie L. Fein