February 04, 2018

Fred Reish, Brad Campbell and James Lundy Quoted in ThinkAdvisor on SEC and DOL Fiduciary Rule Proposals

Los Angeles partner Fred Reish, Washington, D.C., partner Brad Campbell and Chicago partner James Lundy were quoted in ThinkAdvisor in an article titled “DOL, SEC Fiduciary Rules Likely in Fall.” The article explores their comments during the firm’s recent Inside the Beltway audiocast regarding the expected simultaneous release of the SEC and DOL fiduciary rule proposals.

Brad said, “If you assume that they [Labor] need to complete their changes by July 2019, which is when the deferred provisions of the current exemptions – the most onerous parts” of the DOL’s fiduciary rule take effect, fall “really is the deadline for action by DOL.” He added that if the DOL and the SEC do not have their new plans in place, it will result in conflicts and problems in how their rules work.

Fred noted that with Preston Rutledge confirmed as the new head of the Employee Benefits Security Administration, revising the DOL’s fiduciary rule “can begin in earnest,” and believes the DOL will act in “coordination” with the SEC, which will result in both releasing new proposals at the same time.

James stated that any SEC fiduciary rule will “be crafted in such a way to attempt to avoid any challenge by any outside party vis-a-vis a judicial proceeding that would overrule the rule.”

Read “DOL, SEC Fiduciary Rules Likely in Fall.”

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