S1:E3 | The New DOL Fiduciary Rule | Compliance In Context

Welcome back to the second episode of the Securities Compliance Podcast. Today, we cover breaking developments on the whistleblower front and new trends in SEC enforcement. Later, I speak with ERISA expert David Kaleda, principal at Groom Law Group, to discuss the latest developments with the new DOL Fiduciary Rule and its impact on the investment management industry. David brings a wealth of experience on all things ERISA and matters impacting the investment and plan space, and he has previously served on the Department of Labor’s ERISA Advisory Council.

At the end of the show, we launch the What’s On My Mind series featuring a nuanced take on a contemporary issue affecting the investment management industry.  In today’s segment, we’re looking at the convoluted and confusing area of ESG disclosures.

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Headlines

• Updates to whistleblower statutes.
• SEC enforcement trends

Interview

• Breakdown the new DOL Fiduciary Rule and related Preamble
• Review the five-part test
• How to apply the proposed rule in your compliance program now
• Impact of the plaintiff’s bar
• David’s predictions for the future.

What’s On My Mind

• The convoluted world of ESG disclosures.

Quotes: 

“...And in that preamble, the department suggests that it’s going to change its views...on when a person acts as a fiduciary for purposes of investment advice.”

“By putting this language in the preamble...theoretically, that should apply right now.”

“...It’s always tough to anticipate what the government’s gonna do, but in an election year, it gets that much more challenging.”

Resources:

Compliance in Context