The Securities and Exchange Commission (SEC) announced Sept. 21 that Telia Company AB, a telecommunications company with operations in the United States and headquarters in Sweden, will pay $965 million after settling allegations of violating the Foreign Corrupt Practices Act (FCPA) to win business in Uzbekistan.
In June, the U.S. Department of Labor published a Request for Information, or RFI, related to the rule and whether to delay its full implementation. The rule, released in April 2016, mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
Last month, the U.S. Department of Labor released a measure officially delaying the implementation of the rule and its related exemptions by 60 days. The applicability date is now June 9. Some argue a longer delay is necessary, while others contend the U.S. Securities and Exchange Commission should step in and craft a better rule.