The measure in the Senate would create 15- and 50-year limits on amount of time money could remain in DAFs.
The self-regulator saw a sharp turnaround after taking a $45.9 million loss in 2019. The results were driven, in large part, by the revenue generated from increased trading activity.
The Institute for the Fiduciary Standard on Tuesday proposed a redesigned customer relationship disclosure, known as Form CRS, that provides a side-by-side comparison of advisers and brokers.
Remanding the shareholder suit against Goldman to the appeals court leaves unresolved questions about the legal weight of conflict-of-interest pledges.
Two deadlines are looming this summer for investment adviser representatives working in New York state related to the new regulation, which will allow potential clients to more easily review advisers' backgrounds.
The Democratic majority barely prevailed, while SEC Commissioner Allison Herren Lee said the agency could propose a climate-risk rule by year-end. The vote came a day after a Securities and Exchange Commission deadline for public comment.
Democrats and trade groups representing investment advisers were mostly on board with the proposed mandatory climate-risk disclosures. However, Republicans and other interest groups opposed the measure.
As the two agencies release their regulatory agendas, the SEC is also proposing to revisit rules promulgated last year when the agency was headed by former chairman Jay Clayton.
Advisers remain wary of President Joe Biden's proposals to raise capital gains taxes, which face political obstacles in Congress. There’s almost no chance any Republicans will support the administration's tax proposals.
The Financial Services Institute is worried about how the agency might expand Reg BI's reach. The problem is tied to setting new disclosure standards through enforcement initiative, rather than doing so through rulemaking.
