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 Guidance on Fee Disclosures to Plan Participants

The Department of Labor (DOL) on May 7 released guidance (FAQ) with 38 questions addressing new disclosures in quarterly statements to plan participants that will be required after August 31, 2012. Although the guidance, known as “Field Assistance Bulletin 2012-02,” will be of significant interest to IMCA members who advise qualified plans, wealth managers may want to review the guidance as well. The new disclosure requirement under Sec. 404 of ERISA requires plan administrators to disclose certain investment and administrative expenses for the first time, which may prompt clients to ask questions of their own advisor regarding the fees. The rule does not apply to simplified employee pension plans, individual retirement accounts, or 408(p) plans. Click here to see the FAQ.

Legislative Intelligence Update—current issue

• May 2012—Legislative Intelligence Update - Proposed SRO for investment advisers

Legislative Intelligence Update Archives

• April 2012—Legislative Intelligence Update - New tax reporting for cost basis of securities transactions
• March 2012—Legislative Intelligence Update - Temporary Rule 3-T
• February 2012—Legislative Intelligence Update - Is Rule 408(b)(2) a Game Changer?
• January 2012—Legislative Intelligence Update - SEC, FINRA Ramp up Focus on Social Media
• 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