7.28.2008 The Department of Labor and the SEC entered into a memorandum of understanding (MOU) to memorialize the agencies' longstanding relationship of sharing information on retirement and investments. The MOU establishes a process for the DOL and SEC staffs to share information and meet regularly to discuss matters of mutual interest. These include examination findings and trends, enforcement cases and regulatory requirements that impact the missions of both agencies. The department has oversight over 401(k) and other retirement plans as well as plan participants, while the SEC oversees, among other areas, brokerages, investment advisers and mutual funds.
Both agencies will designate points of contact in their regional offices to facilitate communications among staff on enforcement and examination matters. The agreement also will expedite the sharing of non-public information regarding investment advisers and other subjects of mutual interest between the two agencies. Additionally, the Labor Department and SEC will cross-train staff in an effort to enhance each agency's understanding of the other's mission and investigative jurisdiction.
Click http://www.sec.gov/news/press/2008/mou072908.pdf for a copy of the MOU.
Click here for the Sutherland legal alert about the MOU.