Extension Requested for Conflict of Interest Rule Effective Date - August 23, 2017

Filed under: Department of Labor

On August 9, the US Department of Labor (DOL) filed a Notice of Administrative Action (as part of a lawsuit in the US District Court for the District of Minnesota).  This Notice of Administrative Action seeks to extend the transition period and delay the effective date of its Conflict of Interest Rule (the Fiduciary Rule). …

NQR Renames Intermediary Oversight Solution to Intermediary INSIGHT - January 17, 2017

  NQR is rebranding its newest service from Intermediary Oversight to Intermediary (IM) INSIGHT.  The new name and logo more effectively reflect NQR’s perspective on broker/dealer oversight.  We provide further insight into these business partnerships:  insight that benefits our clients in terms of risk mitigation, broker communication, resource allocation, and many more aspects of the …

NQR Featured in Board IQ Article “Intermediary Won’t Give Up Info? SEC Feels Your Pain” - May 5, 2016

  “Intermediaries are cagey.  We get it…” Continue reading on boardiq.com  

Single Point of Contact Model Research - November 15, 2015

Transfer agency operations in the investment services industry have traditionally deployed separate call center and processing functions. Some firms now deploy a single point of contact model, and for others, such a model is in its early stages or being considered. In this model, multi skilled associates perform 2  or more functions: service customers via …

Medallion Signature Guarantees – Addressing the Challenges for Clients - June 24, 2015

Filed under: Customer Service

Increasingly, customers note that they are unable to obtain Medallion signature guarantees (MSGs) from financial institutions such as Bank of America.  Common reasons customers need MSGs include transferring account ownership, redeeming shares to a new address or third party, changing authorized signers, or changing 529 plan beneficiaries.  Financial institutions may decline to issue an MSG …

Lifetime Income Through Target Date Funds in 401(k) Plans - January 5, 2015

This fall, the Internal Revenue Service (IRS) released Notice 2014-66, which outlines how target date funds that include deferred annuities in their assets can be used in 401(k) plans. Although each target date fund must be made available in a nondiscriminatory manner, a series of target date funds in a plan that restricts participation in …

Internal Revenue Service Clarifies One-Per-Year Limit on IRA Rollovers - December 29, 2014

Recently, the Internal Revenue Service (IRS) issued additional guidance (IR-2014-107) with regard to the new “One-Per-Year” Limit on IRA rollovers, which goes into effect on January 1, 2015. 1. The U.S. Tax Court decision, made earlier this year, will limit an individual to making only one tax-free rollover in any one-year period, even if the …

FATCA Relief under IRS Notice 2014-33 - August 28, 2014

In Notice 2014-33, issued on May 2, 2014, the IRS has offered some relief with regard to compliance with the Foreign AccountTax Compliance Act (FATCA).  The IRS has stated that calendar years 2014 and 2015 will be treated as transition years for IRS enforcement of due diligence, reporting, and withholding under FATCA and that the …

Internal Revenue Service Issues Announcement 2014-15 - August 5, 2014

Recently, the Internal Revenue Service (IRS) issued Announcement 2014-15, which redefines the application of the one-rollover-per-year rule for Individual Retirement Accounts (IRAs). Previously, the IRS had maintained (and had published in IRS Publication 590) that the one-rollover-per-year rule applied to IRAs on an IRA-by-IRA basis. This spring, the US Tax Court made a decision that …

Compliance Calendar Q3 2014 - July 11, 2014

Filed under: Compliance Calendar

July 29 Date by which Summary of Material Modification (SMM), describing any plan changes in 2013, is due to the retirement plan participants for plans with December 31 plan year end (no later than 210 days after end of plan year in which plan change is adopted). July 31 Date by which the 2013 Series …