9c. BD/IA – Understanding the DOL Retirement Security Rule (Intermediate - OPEN)
The Department of Labor Retirement Security Rule, including a broadened definition of investment advice fiduciary, a revised PTE 2020-02, and changes to other PTEs, creates obligations for a broader universe of financial service firms that parallel many of the elements of Regulation BI and advisory fiduciary obligations. Indeed, the NSCP comment letter suggested that the SEC regimes be treated as a “safe harbor” and compliance with those regimes as compliance with the DOL’s rules. The DOL did not adopt that recommendation and as a result broker-dealers and advisers are subject to additional requirements when advising with respect to retirement assets.
This session is open to regulators but closed to members of the press.
Learn the elements of the Rule that impose additional requirements (e.g., fiduciary status, criteria for prohibited transaction exemptions, compensation limitations).
Discuss best practices in complying with PTE 2020-02 (e.g., manual versus automated solutions, conduct of retrospective review)
Discuss the impact of amendments to PTEs 2020-02 and 84-24 on annuity business.
Discuss various approaches to dealing with regulatory uncertainty.
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