- Dept. of Labor originally proposed its Fiduciary Rule on April 6, 2016.
- It was upheld by several federal courts until this year.
- However, in the meantime until then, the DoL deferred full implementation and enforcement of the rule as well.
- Fifth Circuit federal court vacated the Fiduciary Rule by overturning a lower court decision on March 15, 2018.
- DoL had until April 30 to appeal the decision to the Supreme Court. It did not do so, effectively voiding the rule.
- On April 18, 2018, the SEC proposed two relevant rules and interpretations: Regulation Best Interest and Form CRS. In short, the proposals seem focused on providing investors with more clarity over a broker's role. However, the proposed Reg. Best Interest does not create a fullsome fiduciary standard for brokers as many parties had wished. Comments on the proposals are due in July.
SEC's Press Release: https://www.sec.gov/news/press-release/2018-68
SEC's Regulation Best Interest proposal: https://www.sec.gov/rules/proposed/2018/34-83062.pdf
Latham Watkin's recent artilce is the best we've seen so far: https://www.lw.com/thoughtLeadership/SEC-proposed-best-interest-standard-broker-dealers