Nevada Best Interest Reg; PODCAST; Inside the Problem Solvers Caucus; Congressional Vacancies; Liability Heads Up on Data

Topics: Advisor standard of conduct, Best interest, Congress, DOL, Fiduciary, NAIC, Regulation, SEC

March 08, 2019 AALU Submits Comments on the Nevada Standard of Care Proposal In January, the Nevada Securities Division (NSD) proposed a set of fiduciary rules, implementing a law enacted in 2017. The NV law that this regulation is based on expanded the types of financial professionals that are subject to Nevada’s existing fiduciary standard.…

The Day the DOL Fiduciary Rule Died: 5th Circuit Decision Vacating the rule Takes Effective May 7th, But What Does It Actually Mean For Producers?

Topics: DOL, Fiduciary, Regulation

After all the dust from the last-minute legal wrangling settled, the ruling by the 5th Circuit Federal Court of Appeals vacating the Department of Labor (“DOL”) Fiduciary Rule (“the Rule”) finally took effect on May 7th, 2018. The Rule, and all of its associated prohibited transactions, including the Transition Best Interest Contract Exemption (“Transition BICE”),…

WRN#18.03.20: Fifth Circuit Vacates Fiduciary Rule

Topics: DOL, Fiduciary, Regulation

Last week, a three-judge panel of the Fifth Circuit Court of Appeals issued a 2-1 decision vacating the DOL Fiduciary Rule. The decision is sweeping: it rejects the regulation re-defining fiduciary investment advice, as well as the new prohibited transaction exemptions and modifications to old exemptions adopted along with the regulation.


Topics: DOL, Fiduciary, Regulation

Yesterday, the 5th Circuit Court of Appeals struck down the DOL’s fiduciary rule in a lawsuit brought by several financial services industry and business organizations. The Department may still appeal the ruling, and the current rule will likely be in effect for several more months at a minimum—May 7th is the earliest date the ruling…


Topics: DOL, Fiduciary, Regulation

With the DOL revising its fiduciary rule, the SEC planning to propose a uniform standard of care, and an uptick in fiduciary proposals at the state level, there is a lot going on in the regulatory space. AALU continues to work to prevent regulatory agencies from promulgating rules that will make it harder for advisors…

No Good Deed Goes Unpunished – Does the Executor Know He Can be Personally Liable for Unpaid Taxes?

Topics: Fiduciary, Regulation

Protecting executors may start with life insurance. Executors are charged with paying the decedent’s federal tax liabilities before paying general creditorsor distributing assets to beneficiaries. Fiduciaries in possession of a decedent’s assets can be held personally liable for unpaid taxes if they make such payments or distributions and then have insufficient assets to pay taxes.