Industry Cases

DOL Fiduciary Rule Set to Shake Up Securities Industry

DOL Fiduciary Rule Set to Shake Up Securities Industry

On April 8, 2016, the Department of Labor (“DOL”) promulgated regulations designed to tackle the problem of “conflicted advice” in the retirement savings industry. Conflicted advice refers to the situation in which a securities broker or other “advice provider” [1] makes a  recommendation to a customer that is based, at least in part, on the advice provider’s own pecuniary…

Cease and Desist Orders: What Happens When State Regulators Get it Wrong?

Cease and Desist Orders: What Happens When State Regulators Get it Wrong?

Michigan’s securities regulators[1] are charged with enforcing the many provisions of the Michigan Uniform Securities Act of 2002 or “MUSA.” They have wide-ranging powers under the Act, including the power to issue cease and desist orders and levy fines. When the regulators exercise those powers, more often than not, it is to…