{"id":22078,"date":"2024-06-29T13:41:49","date_gmt":"2024-06-29T13:41:49","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/06\/29\/sifma-fsi-join-suit-to-strike-down-dol-fiduciary-rule\/"},"modified":"2024-06-29T13:41:49","modified_gmt":"2024-06-29T13:41:49","slug":"sifma-fsi-join-suit-to-strike-down-dol-fiduciary-rule","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/06\/29\/sifma-fsi-join-suit-to-strike-down-dol-fiduciary-rule\/","title":{"rendered":"SIFMA, FSI Join Suit to Strike Down DOL Fiduciary Rule"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/900296324\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/12\/DOL-Fiduciary-Rule-2023-640x640-1.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/12\/DOL-Fiduciary-Rule-2023-640x640-1.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>FSI and SIFMA ask the court to vacate and \u201cset aside the 2024 rule and declare it to be in excess of the DOL\u2019s statutory authority, arbitrary and capricious, and otherwise not in accordance with law.\u201d<\/p>\n<p>If the 2024 rule goes into effect, \u201crecommendations by a broker-dealer or other financial professional regarding assets in a retirement account, including sales recommendations, will once again be considered \u2018fiduciary\u2019 advice even in the absence of an ongoing, mutually recognized advice relationship,\u201d FSI and SIFMA state. \u201cOnce again, transaction-based compensation in connection with such transactions will be presumptively unlawful.\u201d<\/p>\n<p>With the Securities and Exchange Commission\u2019s Regulation Best Interest,&nbsp;\u201dthe needs case for the Department\u2019s unlawful regulation of broker-dealers vanished,\u201d SIFMA and FSI said.<\/p>\n<p>In Reg BI, moreover, \u201cthe SEC rejected the very thing that the Department \u2014 which is an employment regulator, not a broker-dealer regulator \u2014 boasts of having imposed here:&nbsp; promulgation of \u2018a uniform standard of conduct [for] all financial professionals regardless of how they engage with their retail customers\u2019 as stated in the complaint,\u201d the groups said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FSI and SIFMA ask the court to vacate and \u201cset aside the 2024 rule and declare it to be in excess of the DOL\u2019s statutory authority, arbitrary and capricious, and otherwise not in accordance&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/06\/sifma-fsi-join-suit-to-strike-down-dol-fiduciary-rule.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22078"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22078"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22079"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}