Tag: fiduciary

SEC Chairman Nominee Jay Clayton Provides Insight on the Future of the SEC (Part 1)

For those eager to learn what direction the SEC will take during the Trump administration, some clues surfaced during the recent nomination hearing of Jay Clayton, President Trump’s pick to head the SEC.  Clayton commented on several important issues confronting the SEC.… Continue Reading

Should Failure to Plan Constitute Fraud?

I have spoken for years about the importance of contingency planning for money market funds. So I understand why business continuity and transition planning is a great idea for investment advisers. I’m troubled, however, by the SEC’s recent proposal to require advisers to maintain such plans. My troubles lie more with their means than with … Continue Reading

Will the Department of Labor (DOL) Add to the Fiduciary Murk?

A recent Majority Staff Report from the Senate Committee on Homeland Security and Governmental Affairs raises some concerns. Some of my concerns relate to the state of our federal government. (Should congressional staff spend time composing philippics against an executive department? Does the prospect of exposure of inter-agency emails have a chilling effect on communications? Why … Continue Reading

Maybe a Lender Could be a Fiduciary

In an earlier post, I criticized the case of Lash v. Cheshire Count Savings for holding that a bank could be a fiduciary to its borrowers. One problem with the decision is a failure to cite, with one exception, any precedents that could not be distinguished from the facts of the case. The one exception, … Continue Reading

Encomium for Professor Frankel

I intend to share musings on fiduciary matters from time-to-time on our blog. Not regarding deep and complex matters such as the current DOL proposal or the SEC’s forthcoming uniform fiduciary standard. My fiduciary questions are more fundamental, and sometimes lead me to despair of formulating sensible views of such proposals. I suspect I am … Continue Reading