The federal agency will revisit the disputed regulations, enacted in the final days of the Trump administration.
Investment professionals can collect payment for a wider range of transactions, so long as they satisfy the reinstated ‘five-part test’ for fiduciaries.
The regulation still requires that plans only use financial considerations in investments, but says companies’ pollution and bad governance may be factors, too.
Investment professionals acting in their clients’ best interest can receive compensation for advice such as rollover recommendations, the agency said.
The proposed federal rule takes a dim view of sustainable investing that’s not focused solely on returns.
Asset Management Culture
The charge is that directors at $30 billion SBA Communications do not meet the 30% diversity criteria.