Managing DOL Fiduciary Rule's Overlap With SEC, Mass. Regs
Law360 (July 22, 2020, 2:12 PM EDT) -- On June 29, the U.S. Department of Labor issued its long-awaited fiduciary rule reproposal, coupled with a technical amendment that reinstated the 1975 five-part test for status as an investment adviser fiduciary.
This brief video discusses what firms need to think about with respect to the DOL's rulemaking in the context of other current obligations. Broker-dealers in particular should consider the intersection between the DOL's latest rulemaking and compliance with the U.S. Securities and Exchange Commission's Regulation Best Interest, as well as the Massachusetts fiduciary rule, which has an enforcement date of Sept. 1. The proposal has a deadline of Aug. 6....
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