U.S. SEC and U.S. Department of Labor Join Forces

Posted on August 10, 2008 by Susan Mangiero

In its July 29, 2008 press release, two regulatory giants "formally recognize their effective and informal working relationships and their expectation of continued cooperation." This includes:

  • Regular meetings "to discuss matters of mutual interest"
  • Points of Contact "to facilitate communications between the SEC and DOL staffs"
  • Cross-training "in order to enhance each agency's understanding of the other's mission and investigative jurisdiction"
  • DOL Access to Non-Public SEC Examination Information "to facilitate the exchange of examination-related information concerning investment advisors or other firms of mutual interest to the SEC and the DOL"
  • SEC and DOL Access to Non-Public SEC and DOL Enforcement Information "to facilitate the exchange of enforcement-related information concerning investment advisors or other firms of mutual interest to the SEC and the DOL."

One wonders if this portends more scrutiny of pension plans and their service providers. Click to read "Memorandum of Understanding Concerning Cooperation Between the U.S. Securities and Exchange Commission and The U.S. Department of Labor" (July 29, 2008).

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