National Association of Insurance and Financial Advisors

Court Officially Vacates (Kills) DOL Fiduciary Rule

July 16, 2018

On June 21, the Fifth Circuit Court of Appeals entered the order that officially vacates (kills) the Department of Labor (DOL) fiduciary rule. The court issued a mandate on that date that officially makes effective its March 15 decision to strike down the DOL rule.   Prospects : The standard of care issue is still live, with the focus on the Securities and Exchange Commission’s (SEC’s) rulemaking effort. Once that rule is finalized, the DOL may need to revisit the topic with respect to a...

NAIFA Gathers Input for Comments on SEC Standard of Care for Investment Professionals

July 16, 2018

NAIFA is working on comments—required to be filed with the Security and Exchange Commission (SEC) in early August—on the agency’s proposals for a new standard of care that investment professionals will have to exercise when working with retail investors. The SEC proposal would establish a “best interest regulation” for broker-dealers, and clarify the fiduciary duty imposed on registered investment advisors. The proposal also includes a “customer relationship summary” (Form CRS) that would det...

SEC Seeks Investor Input into New Broker-Dealer Standard of Care

July 16, 2018

NAIFA is working on comments—required to be filed with the Security and Exchange Commission (SEC) in early August—on the agency’s proposals for a new standard of care that investment professionals will have to exercise when working with retail investors. The SEC proposal would establish a “best interest regulation” for broker-dealers, and clarify the fiduciary duty imposed on registered investment advisors. The proposal also includes a “customer relationship summary” (Form CRS) that would det...

Congressional Tax Writers Continue Work on New Tax Legislation

July 16, 2018

Republicans on the House Ways & Means Committee continue to work on new tax legislation that they expect to offer after Labor Day. As of now, the lawmakers plan to offers at least two and possibly three or more separate bills. General savings, retirement savings, health savings accounts and TCJA issues are expected to be included in one or more of these bills.   The details of these emerging tax bills are not yet final, but to date it appears that there will be at least two bills—one focu...

HSA Legislation Moving in the House

July 16, 2018

On July 11-12, the House Ways & Means Committee marked up and favorably reported 10 health savings account (HSA)-enhancing tax bills . The committee also approved and sent on for House consideration a bill to retroactively zero out the penalty for failure to comply with the Affordable Care Act’s (ACA’s) employer mandate, and to delay for a further year the effective date of the “Cadillac tax” (a tax on “overly generous” health insurance). All of these bills will be brought to the House floo...