We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • SEC gave DOL help in crafting fiduciary proposal: White

    March 24, 2016 by Nick Thornton

    Testifying before a House subcommittee, SEC head says it provided assistance with DOL proposed fiduciary rule

    Photo: AP

    Photo: AP

    Career staff at the Securities and Exchange Commission provided the Department of Labor “substantial technical assistance” as DOL crafted itsproposed fiduciary rule, according to testimony SEC Chair Mary Jo White gave lawmakers on a House of Representatives subcommittee.

    Her comment was made in response to questions from Rep. Tom Graves, R-Georgia, who noted a recent report from a Senate committee that alleged DOL ignored input from SEC staff as the fiduciary proposal was drafted.

    White explained that SEC advised DOL staff on various models of how broker-dealers are compensated on their services.

    Rep. Mark Amodei, R-Nevada, also raised questions about DOL’s proposed fiduciary rule, and called the prospect of whether or not the SEC and DOL will create separate new fiduciary standards the “800-pound gorilla” in the room.

    More bills have been introduced that mirror other legislative efforts to derail the DOL from implementing its fiduciary rule. Here’s…

    Section 913 of Dodd-Frank mandated that the SEC study the need for a new uniform fiduciary standard, but did not mandate the agency create a new rule.

    On more than one occasion during the subcommittee hearing, Chair White said she believed the SEC should move forward in writing a new fiduciary standard, and said that if the SEC does create a new standard, the objective would be to make it as “compatible as possible” with the DOL’s rule.

    But she cautioned the SEC is a long way from issuing a new rule, as the decision to do so will require at least the support of two other SEC commissioners.

    “It will be hard, and not quick to do this well,” noted White, who said the SEC has been studying the need for a new fiduciary standard for a number of years.

    Though the two agencies have different statutory mandates, White said it is conceivable that each could write its own standard, as the SEC currently has parallel rules with other financial regulators that are not exactly identical.

    The DOL’s proposal is expected to be finalized as early as next week. Under the proposed version, advisors to 401(k) plans with fewer than 100 participants and advisors to IRA owners will be required to effectively operate as fiduciaries.

    The proposal does not outlaw sales of commission-based financial products, but it does create extensive new disclosure requirements that many stakeholders say will make commission sales all but obsolete.

    Opponents of the DOL’s rule say the cost of complying with the rule will be passed on to investors, and that the fee-based model of compensation the rule clearly favors will price small accounts out of the advisory market.

    Beyond articulating her desire for the SEC to move forward in crafting its own rule, White did not address specifics of the DOL’s proposal. But she did say that, “if we ended up depriving retail investors of reliable, affordable advice, then we will have failed in our purpose.”

    The SEC is requesting $1.781 billion for next year’s budget, an 11 percent increase over last year’s. The increased budget would go in part to funding 127 new exam positions, and 52 new enforcement positions, White said.

    Originally Posted at BenefitsPro on March 23, 2016 by Nick Thornton.

    Categories: Industry Articles
    currency