doL’s FIducIary deFInItIon
Hatch will be also be looking to halt
progress on the Department of Labor’s
rule to amend the definition of fiduciary
under the Employee Retirement Income
Security Act. He said in mid-December
that he plans to reintroduce in 2015
his Secure Annuities for Employee
Retirement (SAFE) Act, which includes
language that would stop the DOL from
writing fiduciary rules for individual
Other important committees are
House Education and Workforce,
which is chaired by Rep. John Kline,
R-Minn., as well as the Senate Health,
Education, Labor & Pensions (HELP),
which has oversight of the DOL and is
now chaired by Sen. Lamar Alexander,
Washington Bureau Chief Melanie Waddell can
be reached at email@example.com.
CODE: CAP-14-34A R1 PUB/POST: Composite magazine size: Finan- PRODUCTION: D. Hanson LIVE: None
DESCRIPTION: Looking to refine your yield? WORKORDER #: 007097 TRIM: 7” x 4. 5”
Delivery Support: 212.237.7000 FILE: 05A-007097-02A-CAP-14-34A.indd SAP #: BAR.BARCAP.14057. K.011 BLEED: None
An investment in the Barclays E TN+ Select MLP E TNs (the “E TNs”) involves significant risks, including possible loss of principal and may not be suitable for all investors. For
a description of the main risks, see “Risk Factors” in the applicable prospectus supplement and pricing supplement. The E TNs are unsecured debt obligations of the issuer,
Barclays Bank PLC, and are not, either directly or indirectly, an obligation of or guaranteed by any third party. The ETNs are riskier than ordinary unsecured debt securities
and have no principal protection. The E TNs are speculative and may exhibit high volatility. The E TNs are subject to certain investor fees, which will have a negative effect on
the value of the E TNs. Owning the E TNs is not the same as owning interests in the index constituents or a security directly linked to the performance of the Index. Barclays
Bank PLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should
read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus
if you request it by calling toll-free 1-877-764-7284, or you may request a copy from any other dealer participating in the offering. The Atlantic Trust Select MLP Index is a
trademark of Barclays Bank PLC. © 2015 Barclays Bank PLC. All rights reserved. All other trademarks, servicemarks or registered trademarks are the property, and used with
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Looking to refine
Is a ‘Presence Exam’ in Your Future, RIA?
SEC exam chief Andrew Bowden said at a January hedge fund conference in
New York that the agency’s Office of Compliance Inspections and Examinations
will use the “presence exams” that it used to audit newly registered private fund
advisors on never-examined advisors in 2015.
“We will use the presence exam process to examine non-private fund advi-
sors that have been registered for more than three years but not yet examined,”
Bowden told ThinkAdvisor.com through an SEC spokesperson after his comments
at the Practising Law Institute’s hedge fund compliance conference on Jan. 7.
Included among the SEC’s current exam initiatives are: presence exams of
newly registered private fund advisors, which started in late 2012 and are near
completion; exams of never-been-examined investment advisors, which is “well
underway,” according to Bowden; and exams of never-been-examined investment
companies (or “fund complexes”), as set out in the SEC’s 2015 priorities list.
Presence exams are more limited in scope than a traditional exam.
Brian Hamburger, of the New Jersey-based Hamburger Law Firm and its affiliate MarketCounsel, which offers RIA compliance services, said that while he
“applauds” the SEC for increasing its presence exams, the SEC is “really talking
about reallocating from one type of advisor exam to another advisor exam,”
which doesn’t equate to increasing the actual number of advisor exams. (For
more on SEC initiatives regarding RIA exams, see page 47.)