IAA to DOL: Give Advisers More Time to Comply with Fiduciary Exemption
The IAA has asked the DOL to delay compliance with the DOL Fiduciary Exemption until it has completed additional related regulatory action, or for at least six months from the current December 20, 2021 deadline.
The IAA argued in a letter that an extension would give advisers additional time to update their processes and that additional regulatory actions contemplated by the DOL could further complicate compliance.
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IAA Calls on SEC to Address Adviser Use of Digital Engagement and Tech
to Provide Advice Within Advisers Act Fiduciary Framework
Urges Agency to Extend Comment Period Given Breadth of Request
The IAA has submitted a comment letter to the SEC in response to the agency’s August 27th Request for Information on the use of digital engagement practices and technology to provide investment advice by investment advisers. Our letter suggests several general principles and recommendations for the SEC to consider.
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SEC Proposes Reporting Say-on-Pay Votes, Updates to Fund Proxy Reporting
Proposal Would Require Disclosure of Shares on Loan During Proxy Vote
In a 4-1 vote at Chair Gary Gensler’s first open meeting, the SEC proposed requiring institutional investment managers that are required to file Form 13F to report “say-on-pay” votes, which are non-binding shareholder votes related to corporate executive compensation. The SEC also has proposed several changes to the form used by funds to report their proxy votes, Form N-PX.
The proposed rule change on “say-on-pay” votes would conclude rulemaking on shareholder input on executive compensation that was required by the Dodd-Frank Act.
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New SEC Marketing Rule Now Top Compliance Concern, Survey Shows
Most firms report effective business continuity plans related to COVID-19
Implementing the SEC’s new Marketing Rule for Investment Advisers is the number one worry for investment adviser compliance officers, according to the 2021 Investment Adviser Compliance Testing Survey. Advisory firms have until November 4, 2022 to come into full compliance with the rule.
Advertising/Marketing was identified by 58 percent of survey respondents as the “hottest” compliance topic – up 33 percentage points from last year. Cybersecurity followed with 53 percent. Now that it’s become a top priority for the SEC, Climate Change/ESG climbed to third in compliance officers’ list of hot topics, named by 45 percent of respondents (up from 14 percent last year). Rounding out the five hottest topics were COVID-specific Business and Continuity Plan concerns (17 percent) and Digital Assets (17 percent).
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