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Regulatory & Compliance Roundup: FINRA Changes & Fiduciary Rule Delays


The DOL has filed to delay the applicability of its fiduciary rule for 60 days — until June 9. This gives the DOL time to conduct a review of the rule. Aron Szaprio, director of policy research for Morningstar, describes five key takeaways and notes that “we continue to believe that fully undoing the rule is unlikely, and the broad principles will likely survive.” See his column at Morningstar below. Also, the SEC has approved new Finra rules aimed at preventing the financial abuse of seniors. The rules will take effect Feb. 5, 2018, according to Finra. One of the protections requires firms to “make reasonable efforts” to obtain the name and information of a “trusted contact person for a customer’s account.” See the ThinkAdvisor story below for more details.

5 Takeaways From the Fiduciary Rule Delay
By Aron Szapiro
Source: Morningstar

The Department of Labor is delaying the applicability of its fiduciary rule from April 10 to June 9. In a change from the original proposed delay, the department also will push back additional requirements until Jan. 1, 2018. Here are five key takeaways as the department prepares to publish the final rule on April 7.


FINRA to Protect Senior Investors With 2 New Rules
By Janet Levaux
Source: ThinkAdvisor

Beginning next year, seniors and their investments will be protected by two new rules aimed at curbing financial abuse. Starting in February 2018, firms will have to “make reasonable efforts” to get the name and associated information for a “trusted contact person for a customer’s account” and will be allowed to put temporary holds on the release of funds or securities “when there is reasonable belief of financial exploitation,” according to the Financial Industry Regulatory Authority.


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