Now that the agency has finalized the ESG rule, it's likely to cast a wider net to establish who has a fiduciary duty to retirement savers. A new deadline is pending.
The new rule frees retirement plan advisers to incorporate risk and return factors associated with climate change and other ESG investment alternatives.
The Montana Democrat's pushback gives a bipartisan tenor to ESG skepticism that so far has been voiced loudly by Republicans.
Provisions such as raising the RMD age and expanding workplace retirement coverage, which have been approved by the House and by Senate committees, must be rolled into one bill and enacted before year-end.
The state is concerned that fee-for-service financial planners aren't aligning their charges with work done for clients. Michael Kitces said the guidance remains biased toward the AUM model.
The regulator has launched an exam sweep of brokerages' communications with customers about digital assets, while the House Financial Services Committee plans to hold a hearing on the FTX bankruptcy.
A seminar offers some insight into what the agency is looking for in firms' compliance with Reg BI and the marketing rule.
'This past fiscal year, we sought to recalibrate penalties to more effectively promote deterrence,' said SEC enforcement director Gurbir Grewal.
The organization is continuing to update its enforcement procedures to align with the revised code of conduct that went into force in 2020.
But a former SEC official told the audience at the ComplyConnect conference in Austin not to expect the agency to be lenient in initial exams.
