Insight

Washington Report 360 | December 18, 2020

SEC charged trading platform under Reg BI; FDIC final rules; DOL final rule for ERISA plan fiduciaries

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

The next Washington Report 360 will be released on January 8, 2020. Wishing everyone a Happy Holiday season!

Key Highlights

  • SEC charged a trading platform for misleading customers about the quality of their order execution and with failing to satisfy its duty of best execution; the Commonwealth of Massachusetts separately charged the company with violating the state’s fiduciary conduct rule and operating without regard to customers’ best interest.
  • FDIC finalized rules setting requirements for parent companies of industrial banks and ILCs that are not subject to consolidation by the FRB.
  • FDIC finalized rules establishing a new framework for assessing brokered deposits; OCC stated the new framework would promote innovation and relationships between traditional banks and fintech firms.
  • DOL finalized a rule for ERISA plan fiduciaries to not exercise proxy voting decisions and other shareholder rights for “non-pecuniary” objectives or goals. This final rule follows the DOL’s recent amendments to the investment’s duties rule. Both DOL actions are being met by swift political and industry response.

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