Backdating can involve assigning an event “to a date prior to that of actual occurrence” or dating a document “to reflect an event that occurred prior to execution.” The propriety of backdating, says law professor Jeffrey L.Kwall of Loyola University of Chicago’s law school, depends largely on which of the two actions has occurred.
While the law is ostensibly on the books, it will not be enforced until January 2018, and could be repealed before it ever goes into full effect.
Pursuant to this authority, the DOL recently issued a new rule defining who is a “fiduciary” of an IRA or ERISA plan, presenting a substantial change from standards governing sales of securities and other financial products that have existed for more than 40 years.
Going back to 1975, the DOL has defined a fiduciary as one “who renders investment advice for a fee or other compensation, direct or indirect.” Investment advisers, regulated by the Securities and Exchange Commission under the Investment Advisers Act of 1940, have long been held to be fiduciaries who must act in the best interests of their clients.“any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities." Although an investment adviser is specially defined by statute, there are other financial professionals – primarily securities and insurance brokers – who are colloquially referred to as “advisers” and whose work often includes providing financial advice and recommendations to clients about investment products.
A couple Webers sit atop the flat six, but the motor’s mechanicals are unchanged.
After the initial shove in the lower back, power delivery is smooth through the rev range, though, I have no intention of approaching the “10” on the tach.