Main Menu Main Content
Securities Compliance Podcast: Compliance in Context

On Episode 11 of Season 2 of the Securities Compliance Podcast: Compliance in Context, host Patrick D. Hayes talks with Marcia Wagner, founder of The Wagner Law Group to discuss the impact of the new DOL Fiduciary Rule on the investment management industry and the upcoming compliance and enforcement deadlines. In the Headlines section, Patrick look at recently proposed amendments from the SEC to its electronic recordkeeping requirements and the new SEC enforcement report. And finally, he wraps up today’s show with another installment of the Outtakes series where Patrick once again learns the importance of being honest and transparent with investors when it comes to disclosures.

Season 2, Episode 11 Topics:


  • SEC recently proposed Amendments to its Electronic Recordkeeping Requirements

  • SEC Division of Enforcement Publishes Annual Report for Fiscal Year 2020


  • Who is an investment advice fiduciary?

  • Why has the DOL’s interpretation of investment advice fiduciary caused controversy? What is the five-part test?

  • What was the Deseret Letter?

  • What is Prohibited Transaction Class Exemption 2020-02?

  • Where does roboadvice fit under PTCE 2020-02?

  • What types of transactions did the DOL treat as rollovers? What types of factors should be considered when recommending a rollover from a tax qualified plan to an IRA?

  • What is the impartial conduct standard?

  • What is the nonenforcement Policy of DOL and IRS with respect to PTCE 2020-02, and when is it scheduled to end?

  • How will Prohibited Transaction 2020-02 be Enforced?


  • SEC complaint against mutual fund executives that mislead investors by misrepresenting investment risks

  • Funds suffered losses over $1 billion

  • Be transparent with disclosures to investors


“The DOL treated five different types of transactions as rollovers, even though only some of them would constitute a rollover under the Internal Revenue Code.  These were plan-to-plan; plan to IRA; IRA to plan; IRA to IRA; and commission based account to fee based account.” – Marcia Wagner 

To satisfy PTCE 2020-02, financial institutions and investment professionals must acknowledge their fiduciary status in writing; disclose their services and material conflicts of interest; adhere to impartial conduct standards; adopt policies and procedures prudently designed to ensure compliance with the impartial conduct standards; document and disclose specific reasons why any rollover recommendations are in the participant’s best interest; and conduct an annual retrospective compliance review” – Marcia Wagner

“[I]in determining whether a retirement investor should rollover assets from a tax-qualified plan to an IRA, the financial institution or investment professional should take into account the retirement investor’s investment objectives, risk tolerance, financial circumstances and needs.  In addition, they should document the services available under the new arrangement; consider the long-term impact of any increased costs, determine why the rollover is appropriate notwithstanding any additional costs, and the impact of any economically significant investment features such as surrender schedules; index annuity caps, and participant rates.” – Marcia Wagner  

Podcast Season 2 episode 11

About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast: Compliance in Context presented by Calfee, Halter & Griswold and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Senior Counsel and leader of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, Spotify and Stitcher.

The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.

Media Contact

Susan M. Kurz
Chief Marketing & Client Development Officer
216.622.8346 (office)
513.502.8950 (mobile)

Subscribe to our Alerts


Jump to Page