IMCA’s monthly Legislative Intelligence updates keep members apprised of the most recent legislative and regulatory developments affecting the investment consulting and wealth advisory business.

IMCA, as an education and credentialing organization, does not lobby legislators or regulators nor advocate for any particular legislative or regulatory position either on its own or through its relationship with Potomac Strategies. This service is strictly informational and educational.

Regulatory Alert
DoL Issues Final Service Provider Disclosure Rule

The Department of Labor on February 2 released a much-anticipated final rule for retirement plan service providers, known as the 408(b)(2) rule. The rule affects most defined benefit and defined contribution plan service providers, including benefits brokers, consultants and registered investment advisers who provide investment advisory services to plan sponsors. The rule does not apply to SEPs, IRAs, employee welfare plans, and certain 403(b) accounts.

DoL pushed the effective date for the rule back to July 1. A related participant-level disclosure rule, which requires plan sponsors to disclose investment and other expenses associated with the plan to participants and beneficiaries, will go into effect on August 30, with the new investment option costs and other disclosures included in quarterly statements no later than November 14. 

Stay tuned for additional analysis of the new rule in the February Legislative Intelligence report.

Legislative Intelligence Update—current issue

• January 2012—Legislative Intelligence Update - SEC, FINRA Ramp up Focus on Social Media

Legislative Intelligence Update Archives

• December 2011—Legislative Intelligence Update - The SEC’s Intensifying Enforcement Agenda for Advisers
• November 2011—Legislative Intelligence Update - DOL Finalizes Regulation on Plan Participant Investment Advice Exemption
• October 2011—Legislative Intelligence Update - Volcker Rule is Proposed; DOL to Repropose Rule on Definition of an ERISA Fiduciary
• September 2011—Legislative Intelligence Update - FINRA Proposes Overhaul of Advertising Rules and Issues Guidance on Social Media; GAO Issues Report on Mutual Fund Advertising; and SEC Proposes Rule to Disqualify Bad Actors from Private Placements
• August 2011—Legislative Intelligence Update - Retail Foreign Exchange under Scrutiny and in Regulatory Flux
• July 2011—Legislative Intelligence Update - Deadlines Extended on New Disclosure Rules and and Congressional Hearing on Fiduciary Status Regulation
• June 2011—Legislative Intelligence Update - Deadlines Extended on New Disclosure Rules and Determining Reasonableness of Compensation
• April/May 2011—Legislative Intelligence Update - Hearing on Proposed Changes to the Fiduciary Definition Regulation and FINRA Moves Forward on “Point of Sale” Disclosure on Mutual Fund Compensation  
• March 2011—Legislative Intelligence Update - The Impact of the Know-Your-Customer and Suitability Rule Changes on Investment Management Consultants  
• February 2011—Legislative Intelligence Update - SEC Staff's Study on Investment Advisers and Broker–Dealers
• December 2010—Legislative Intelligence Update - 2011 Regulatory and Legislative Outlook
• November 2010—Legislative Intelligence Update - Department of Labor Developments
• October 2010—Legislative Intelligence Update - SEC Amendments to Form ADV
• September 2010—Legislative Intelligence Update - Update on Excessive Fees Litigation
• August 2010—Legislative Intelligence Update - Pension Plan Investments, Compensation and Disclosure Issues
• July 2010—Legislative Intelligence Update - Dodd-Frank Wall Street Reform and Consumer Protection Act