On June 21, 2013, the Department of Labor (DOL) published proposed amendments to certain class exemptions required by Section 939A of the Dodd-Frank
In Advisory Opinion 2011-08A (June 21, 2011), the U.S. Department of Labor (DOL) concluded that ERISA “investment advice” fiduciaries are within the scope of Prohibited Transaction Exemption (PTE) 86-128, thus confirming the availability of conditional relief for such a fiduciary (or an affiliate) to effect securities transactions or cross trades for a fee as an agent for an ERISA plan.
For the second time in 2011, the U.S. Department of Labor (DOL) has issued an ERISA advisory opinion that considers the PTE 84-14 qualified professional asset manager (QPAM) exemption, this time in the stable value context.
On October 22, 2010, the U.S. Department of Labor (DOL) proposed to replace its long-standing regulation defining the circumstances in which investment advice confers “fiduciary” status under ERISA, with a new, more expansive definition.
In response to three questions certified to it by the U.S. Court of Appeals for the Second Circuit, on February 8, 2010, the Georgia Supreme Court held that, under Georgia common law, “holder” claims are actionable, plaintiffs in misrepresentation or omission claims involving publicly traded securities must prove loss causation, and a limited fiduciary relationship exists between registered representatives and clients, even in non-discretionary accounts.
With a vote of 41 to 28, the Investor Protection Act of 2009 (H.R. 3817) cleared the House Financial Services Committee and was ordered reported to the House, as amended.
In Advisory Opinion 2009-03A (October 27, 2009), the U.S. Department of Labor (DOL) opined that the pledge of an IRA owner’s personal accounts at a brokerage firm to secure the payment of any debt or liability in his self-directed IRA maintained with that firm would violate the prohibited transaction rules of Internal Revenue Code 4975.
SEC Chairman Mary A. Schapiro spoke at the SIFMA (Securities Industry and Financial Markets Association) annual conference on the following.
Financial Industry Regulatory Authority (FINRA) Chairman and CEO Richard Ketchum testified before the U.S. House of Representatives Committee on Financial Services to discuss, in part, proposals to harmonize the regulation of broker-dealers and investment advisers and address the role of arbitration in the securities industry.
The Securities Industry and Financial Markets Association (SIFMA) filed an amicus brief with the U.S. Supreme Court in Jones v. Harris Associates.