From the standpoint of securities regulatory policy, this is a good result. It simply makes no sense to have one set of rules apply to the relationship between a broker-dealer and an individual client and another set of rules that applies to the relationship with the individual client's IRA.

Notably, the Court pointed out that the DOL Fiduciary Rule is a prime example of a well-intended act having negative consequences — in this case, the inability of certain investors to obtain…

Given the divide between the courts as to the constitutionality of the CFPB, one might ordinarily expect the government to appeal this decision. However, many members of the administration are likely in agreement with the S.D.N.Y. determination that the CFPB is not constitutionally established. It is not certain how the government will react.

That said, there is no justification for giving a single person – the head of the CFPB – such a tremendous amount of power, without subjecting…

The MSRB acknowledges that the regulations governing municipal advisors are still relatively new and, thus, that it is particularly open and interested in industry comment on market practices and appropriate standards. The draft MSRB FAQ is also notable for a fairly extensive discussion of the term "recommendation," a term that is notably undefined in the FINRA Rules and in the SEC's new Best Interest proposal but that could come to have great regulatory enforcement significance if the SEC…

The report concludes as follows:

"Form PF is not a perfect tool for monitoring trends in the private equity industry. The data collection lacks a long history, and reporting errors persist. Still, the analysis in this brief illustrates that Form PF data can be useful for monitoring basic fund characteristics. . . ."

There is only so much that analysts can do with data that is both limited and flawed. The report itself contains some moderately informative background as to the…