- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Joe Mont2019-06-27T19:35:00
Joining the growing discontent with the SEC’s Regulation Best Interest, Democrats in the House of Representatives have passed legislation that could starve the quasi-fiduciary standard for investment advice of funding.
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The SEC confirmed the June 30 compliance date for its Regulation Best Interest rule, in addition to sharing a handful of areas that deserve attention when making recommendations to investors in accordance with new policy.
Former Sen. Christopher Dodd and former Rep. Barney Frank, along with other current and former members of Congress, filed an amicus curiae brief siding with state attorneys general in a lawsuit seeking to have Regulation Best Interest vacated.
Seven states and the District of Columbia have filed a lawsuit against the SEC in an effort to block the regulator’s recently approved Regulation Best Interest rule package.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
