In the comingmonths, both the SEC and DOL are expected to begin issuing a numberof new rules and proposals as part of their “harmonization”efforts. (Photo: Diego M. Radzinschi/ALM Media)
“Harmonization” is the buzzword that we keep hearing fromregulators of the retail advice space. The SEC used theword in the title of its recent concept release on privatesecurities offering exemptions. DOL Assistant SecretaryPreston Rutledge used the same word in recent comments on the SEC’sReg BI by stating that DOL’s goal is to “align, build up, andharmonize with [the SEC’s agenda].” In the coming months,both the SEC and DOL are expected to begin issuing a number of newrules and proposals as these “harmonization” efforts come intodaylight. Key areas of focus may include rolloverrecommendations, electronic disclosure, and permissibleinvestments.
First, rollover recommendations have in the past been and remaina key focal point for the SEC and DOL. At times, it hasseemed as though the two agencies have both sought to be theprimary regulator.
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