Morgan Lewis

Regulation of Retail Investment Advice

Contacts

G. Jeffrey Boujoukos, T. Peter R. Pound, Ivan P. Harris, Susan F. DiCicco, Michael D. Blanchard, Kyle D. Whitehead, Amy Natterson Kroll, Jeremy P. Blumenfeld, David C. Boch, Timothy P. Burke, Charles M. Horn, Ben A. Indek, Lindsay B. Jackson, Daniel R. Kleinman, Christine M. Lombardo, Jason S. Pinney, Michael B. Richman, Steven W. Stone

As firms develop their business and compliance strategies in response to the changing regulatory landscape for providing advice to retail investors, Morgan Lewis offers this resource for access to primary source materials, our analyses and thinking, and related Morgan Lewis events.

DOL Fiduciary Standards

LawFlashes & Articles

Comparison of the SEC’s Regulation Best Interest and DOL’s Final Investment Advice Class Exemption
DOL Take Three: “5-Part Test” Officially Reinstated; Proposed Investment Advice Exemption
Comparison of Proposed DOL Investment Advice Exemption to SEC Regulation Best Interest
Morgan Lewis eBook: DOL Investment Advice Standards Final Rule and Proposed Exemption
Recent Developments in ERISA Plan Investment Regulation
Plan Distribution and Rollover Guidance After Chamber of Commerce v. DOL: An Analysis of the Deseret Letter, Bloomberg Tax Compensation Planning Journal
Plan Distribution and Rollover Guidance After Chamber of Commerce v. DOL: An Analysis of the Deseret Letter
Fifth Circuit Vacates DOL Fiduciary Rule ‘In Toto’
It’s Official! DOL Finalizes Delay
DOL Issues Proposed Delay of Fiduciary Rule Compliance Date and Enforcement Relief
DOL Issues Additional Fiduciary Rule Transition FAQs
DOL to Propose Extension of Fiduciary Rule Transition Period
DOL Fiduciary Rule: Ready, Set, Go! But How Far?
DOL Fiduciary Rule—Slowed Down, but Not Out
Fiduciary Rule—Not Delayed Yet
Update on DOL Fiduciary Rule Applicability Delay and Litigation, ML BeneBits
President Trump Issues Memorandum on DOL Fiduciary Duty Rule
Two New Sets of DOL Fiduciary Rule FAQs
The 2016 Election and the Future of the Department of Labor Fiduciary Rule
Fiduciary Rule FAQs Challenge Back-End Recruitment Bonuses
DOL Releases First Wave of FAQs on Fiduciary Rule
DOL Sends Fiduciary Rule to OMB for Review
Any Congressional Action on Proposed DOL Fiduciary Rule Postponed to 2016, ML BeneBits
DOL’s Proposal to Expand Fiduciary Definition Would Bring Many Service Providers Into Scope
DOL Fiduciary Rule to Revamp Regulation of Advice to Plans and IRAs
Department of Labor Retirement Initiative Fails to Consider Current Regulatory Regime, which Comprehensively Protects Investors, Including IRA Investors, and Preserves Investor Choice
DOL Sends Proposed Conflict of Interest Rule to OMB for Review

Primary Sources

Federal Register Version, Final Rule – Interpretative Bulletin 96-1 and Five-Part Test   NEW 
Federal Register Version, Proposed Class Exemption – Improving Investment Advice for Workers & Retirees   NEW 
News Release – DOL Proposes to Improve Investment Advice And Enhance Financial Choices for Workers and Retirees   NEW 
DOL Fact Sheet – Improving Investment Advice for Workers & Retirees   NEW 
Final Rule – Interpretive Bulletin 96-1, Five-Part Test   NEW 
Proposed Class Exemption – Improving Investment Advice for Workers & Retirees   NEW 
SHOW MORE

SEC Standards of Conduct

LawFlashes & Articles

01/31/2023 - Recommending 529 Plans: Meeting Reg. BI’s Care Obligation
03/13/2020 - Reg. BI Disclosure Obligation Worksheet
12/26/2019 - Amendments To Finra Rules 5130 And 5131 Effective January 1, 2020
12/04/2019 - SEC Proposes Requirements for Funds’ Use of Derivatives and Other Transactions
12/03/2019 - Standard of Conduct: A Fund Perspective on Implementation
11/22/2019 - Sample CRS for Dual Registrants
08/27/2019 - CRS Schematic Template – Broker-Dealer
08/27/2019 - CRS Schematic Template – Investment Adviser
08/27/2019 - CRS Schematic Template – Dual Registrant
08/12/2019 - Reg. BI Day One Implementation Steps
07/24/2019 - Firms Face Heavy Tech Lift Prepping Best Interest Disclosures, Ignites
July 2019 - Game Changer: What Regulation Best Interest Means for Retail Broker-Dealers, Wall Street Lawyer
07/22/2019 - ML Retail Advice Working Group – SEC Standards of Conduct: Rules & Interpretations
07/12/2019 - In Focus: Deciphering the SEC’s Standard of Conduct for Investment Advisers
06/27/2019 - In Focus: SEC Form CRS Roadmap – How to Navigate Its Operational Challenges
06/25/2019 - In Focus: What Regulation Best Interest Means for Retail Broker-Dealers
06/14/2019 - SEC Takes the Reins in Debate Over Retail Advice Standards
06/06/2019 - SEC Adopts Standards of Conduct For Retail Advice
June 2018 - SEC Pitches Proposed Rules for Brokers Giving Advice to Retail Investors
06/14/2018 - SEC Proposes Interpretation of Standard of Conduct for Investment Advisers
05/15/2018 - SEC Proposes Rules of the Road for Brokers Giving Advice to Retail Investors
04/20/2018 - SEC Proposes Standards of Conduct for Broker-Dealers, Investment Advisers

Events

09/10/2019 - SEC Standards of Conduct: Navigating New Requirements for Retail Advice Disclosures   SLIDES 
06/27/2019 - SEC Standards of Conduct: Navigating the Investment Adviser Interpretation SLIDES
06/12/2019 - SEC Sets Standards for Retail Advice   SLIDES 
05/09/2018 - SEC Proposed Standards of Conduct for Retail Advice
03/04/2019 - 2019 SEC and FINRA Enforcement and Examination Trends – Boston

Primary Sources

Federal Register Versions
Regulation Best Interest: The Broker-Dealer Standard of Conduct
Form CRS Relationship Summary; Amendments to Form ADV
Commission Interpretation Regarding Standard of Conduct for Investment Advisers
Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion from the Definition of Investment Adviser
Redlines
Form CRS (Redline Comparison to Proposal)
General Instructions to Form ADV (Redline Comparison to Proposal)
Investment Adviser Interpretation (Redline Comparison to Proposal)
Instructions to Form CRS (Redline Comparison to Proposal)
Regulation Best Interest (Rule Text Redline Comparison)
Other
SEC FAQ Reg. BI   NEW 
SEC FAQ Form CRS   NEW 
Reg BI and Form CRS Firm Checklist   NEW 
States’ Complaint Against Reg. BI.   NEW 
FINRA Regulation Best Interest Resource Page
Morgan Lewis Comment Letter on Proposed Reg. BI: Broker-Dealer Compensation & Conflicts Mitigation
SHOW MORE

State Fiduciary Regulations

LawFlashes & Articles

03/05/2020 - Comparison of Final Massachusetts, Proposed Nevada, and New Jersey Brokerage Standards of Conduct and the SEC’s Regulation Best Interest
07/10/2019 - SIFMA Regulation Best Interest Seminar: Outline for Panel Discussion on What’s Next?: State Fiduciary Rules and Preemption
06/19/2019 - Update on State Fiduciary Duty Regulations
02/08/2019 - Nevada Proposes New Fiduciary Rules that Would Increase Broker-Dealer and Investment Adviser Obligations

Primary Sources

Nevada – Proposed Fiduciary Duty Regulation
New Jersey – Proposed Fiduciary Duty Regulation
Massachusetts – Proposed Fiduciary Conduct Standard Regulation
Massachusetts Comparison of Preproposal to Proposed Fiduciary Conduct Standard Regulation

Other

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