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

Principal and National Leader, Regulatory Insights, KPMG US

+1 919-244-0266

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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