Los Angeles partner Fred Reish was quoted in a ThinkAdvisor article titled “Regulatory Roulette Being Played With Fiduciary Standard.” The article describes the current landscape for advisors and broker-dealers as they face overlaying Securities and Exchange Commission (SEC), Department of Labor (DOL), FINRA and state fiduciary-related regulations.

Fred noted that the provisions of the SEC’s Regulation Best Interest (Reg BI) are “so close to the DOL’s Best Interest Contract Exemption that broker-dealers should consider continuing their programs to comply with BICE.” He also stated that RIAs are likely to satisfy the “old” five-part fiduciary test under ERISA, and that they should continue complying with the DOL fiduciary rule’s Impartial Conduct Standards until the final SEC rules come out.

Read "Regulatory Roulette Being Played With Fiduciary Standard.”