The Labor Department has opened a public comment period on a controversial rule that would require brokers who sell products to retirement plan investors to put their clients’ interest first. So reports Newstimes.com.
The Securities and Exchange Commission has tapped Marc Wyatt, who is the regulator’s deputy director of the Office of Compliance Inspections and Examinations, to serve as acting director of the department. So reports the Baltimore Sun.
The Financial Stability Oversight Council, which was created by Dodd-Frank legislation in the aftermath of the 2008 subprime boondoggle to find ways to prevent another crisis, is apparently evaluating if regulations for fund industry are warranted, even though the industry didn’t cause the 2008 financial crisis. So writes Morningstar’s Scott Cooley, director of policy research at the firm.