ADISA Co-Signs Trade Association Letter RegardingFiduciary Regulatory Process: Several organizations have expressed concerns regarding significant rulemaking flaws in the regulatory process at the Department of Labor and the Office of Information and Regulatory Affairs associated with the DOL’s proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary.” The ramifications of this proposed rulemaking are extensive, making the need for public comment and careful review critical. View the letter in its entirety here.
FINANCIAL INDUSTRY AND REGULATION
Poor Non-Traded REIT Sales Could Signal Valuation Cuts:InvestmentNews reports that the anemic start to the year for sales of non-traded real estate investment trusts is yet another indication of the tough market for commercial real estate investors, which is leading some market participants to expect a reduction in the value of some REITs, particularly the popular net asset value
OMB Draws Flak Over Rushed Fiduciary Rule Review:The DI Wire reports that the DOL's latest attempt to impose a new fiduciary rule sparked concern from industry stakeholders, including ADISA, when OMB cleared the proposal before
completing all previously scheduled meetings with groups.
SEC Market Surveillance Tool Challenged as Unconstitutional:Bloomberg reports that the Securities and Exchange Commission was sued in federal court by a conservative think tank and a pair of individual investors who claim the regulator’snew market surveillance tool violates their constitutional privacy
IRS Delays Required Inherited Account RMDs Again:The Wall Street Journal reports that many Americans who inherited retirement accounts since 2020 won’t be required to start pulling money out this year after the IRS said it was further
FINRA Focusing on Repeat Offenders, Reg BI:Financial Advisor Magazine reports that the Financial Industry and Regulatory Authority is focusing its enforcement on Regulation Best Interest, recidivist and high-risk brokers and firms,
with an eye toward increasing penalties and restitution.
FTC to Decide Non-Compete Ban on April 23:Competition Policy International reports that the Federal Trade Commission is going to vote on the final version of its proposed ban on noncompete clauses in employment contracts on April 23 in a
SEC Probing Insider Trading Policies:Reuters reports that the SEC is scrutinizing whether investment advisers and other firms have strong enough policies to ensure nonpublic information is not misused to gain an illegal edge in
Bipartisan Group of Senators Try to Revive Tax Bill: Punchbowl Newsreports that a group of bipartisan senators are working privately to secure the votes to pass
a bipartisan tax bill that already has passed the House.
Senators Trying to Kill SEC Climate Rule:The Hill reports that Senate Banking Committee Ranking Member Tim Scott (R-SC), Sen. Joe Manchin (D-WV) and 32 other senators introduced a bill attempting to overturn the SEC climate
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