Washington, D.C. counsel Brad Campbell was quoted in an article in Pensions & Investments titled, “DOL, SEC Tag-Teaming Managers on Enforcement.”
Executives at financial firms are bracing for new fiduciary standards from both the DOL and SEC, and are feeling increasingly tag-teamed by the agencies. Traditionally, the two agencies have generally focused on different areas. That has begun to change, as many lawyers representing service providers for plans covered by the Employee Retirement Income Security Act are reporting an elevated level of attention from both agencies, as officials there zero in on conflicts of interest, disclosure and compensation practices like revenue sharing and fees.
“In the last two years, there has been a lot of simultaneous activity,” Brad said. “We've seen a real focus on service providers. (The DOL and SEC) are getting that data from several sources."
“This I think is a different strategy. They are doing a lot more investigating of service providers as service providers,” he said.
Read “DOL, SEC Tag-Teaming Managers on Enforcement” here.