Category Archives: Uncategorized

Supreme Court Limits SEC’s Disgorgement Power

On June 5, 2017, the United States Supreme Court unanimously held in Kokesh v. Securities and Exchange Commission, No. 16-529, that “any claim for disgorgement in an SEC enforcement action must be commenced within five years of the date the … Continue reading

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Should the DOL Fiduciary Duty Rule be Rescinded While the SEC Ponders its Own Standard?

On June 1, 2017, the Securities and Exchange Commission requested input regarding the DOL Fiduciary Duty Rule and the SEC’s development of its own fiduciary standard governing investment advice to retail investors. To view Chair Clayton’s public statement requesting Public Comments … Continue reading

Posted in Department of Labor (DOL), Fiduciary Duty Rule, SEC, Uncategorized

Acosta and New DOL FAQs Confirm: Fiduciary Standard Will Take Effect June 9, But Expect Changes to the DOL Rule Before January 1, 2018

On May 22, 2017, new DOL Secretary Alexander Acosta published an Op-Ed piece in the Wall Street Journal (found here; a subscription to the Journal is required to access the piece), confirming that, as we previously suspected, the DOL will … Continue reading

Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Retirement Planning, Uncategorized | Tagged , , , , ,

Cybersecurity Alert: WannaCry Ransomware Attack

In response to the “WannaCry” ransomware attack, the SEC’s Office of Compliance Inspections and Examinations (OCIE) has issued an alert (available here) warning firms that they should immediately evaluate whether their computer systems are operating properly and whether they have … Continue reading

Posted in Cybersecurity and Data Privacy, Uncategorized | Tagged , , ,

SEC Chair and DOL Secretary Both Confirmed: Who Will Take Lead on Fiduciary Duty Rule?

On April 27, 2017, the Senate confirmed Alexander Acosta as the new Secretary of Labor, and on May 2nd, the Senate confirmed Jay Clayton as SEC Chairman. With Trump’s nominees for the respective positions now in place, some insiders expect … Continue reading

Posted in Department of Labor (DOL), Fiduciary Duty Rule, SEC, Uncategorized | 1 Comment

DOL Issues Rule Delaying Applicability Date of Fiduciary Duty Rule for 60 Days, Until June 9, 2017

On Friday, April 7, 2017, the DOL published its final rule delaying the applicability date of the Fiduciary Duty Rule for 60 days, from April 10, 2017 until June 9, 2017. The full text of the final rule (the Delay … Continue reading

Posted in Uncategorized | 2 Comments

Eighth Circuit Holds McCarran-Ferguson Act Bars RICO Claim Against Insurance Companies Based on Captive Reinsurance Transactions

On Thursday, April 13, 2017, the Eighth Circuit held that the McCarran-Ferguson Act barred a plaintiff from pursuing her RICO claims against an insurance company and its affiliates. The plaintiff had alleged the insurance company and its affiliates had conspired … Continue reading

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