Additional Guidance on Fiduciary Rule as it Applies to Investment Advisers

By Thomas H. Bilodeau, III, David Glod and Scott A. Stokes on June 7, 2017

In light of some uncertainty surrounding the application of the Department of Labor (“DOL”) Fiduciary Rule to investment advisers who advise private funds and managed accounts, we are providing this supplement to our recent Client Alert on June 2, 2017 titled Update on Applicability of the DOL’s Fiduciary Rule.

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DOL Delays Enforcement of Fiduciary Rule

By David Glod on June 5, 2017

The Department of Labor fiduciary rule (the “Fiduciary Rule”) will come into effect June 9, 2017. The Fiduciary Rule will apply fiduciary standards and impose certain requirements upon advisers to ERISA plans and individual retirement accounts, defined contribution plans and defined benefit plans.

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Clarification of the Custody Rule and Standing Letters of Instruction

By Thomas H. Bilodeau, III, David Glod and Scott A. Stokes on March 10, 2017

Many investment adviser clients seek to facilitate payments and disbursements to third parties through a standing letter of instruction or other asset transfer authorization established with a qualified custodian (an “SLOI”). Often, the SLOI will allow the qualified custodian to accept the investment adviser’s instructions to move money to third parties on the client’s behalf. This authority is limited to the terms of the SLOI and may generally be revoked by the client at any time.

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FINRA Proposes Revamp of Securities Exam Regime

By Thomas H. Bilodeau, III on March 9, 2017

The Financial Industry Regulatory Authority (the “FINRA”) announced yesterday that it has filed a proposal with the Securities and Exchange Commission (the “SEC”) to streamline competency exams and facilitate opportunities for professionals seeking to enter or re-enter the securities industry.

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Highlights of the SEC Forum on Small Business Capital Formation

By Thomas H. Bilodeau, III on January 26, 2017

The 35th Annual Securities and Exchange Commission Government-Business Forum on Small Business Capital Formation was held on November 17, 2016 at SEC Headquarters in Washington, D.C. A panel of learned practitioners and securities law experts held a discussion on the state of the union of small business capital formation moderated by the Director of the SEC Division of Corporation Finance and the Chief of the Office of Office of Small Business Policy SEC Division of Corporation Finance. The then current SEC Commissioners also were in attendance.

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