#I know I’ve been very dol focused recent

[damsxlette]

they’re back <3

Diva and Eddie belong to @xoxoalette

[admirable-mairon]

Thuringwethil and Ilmarë

... I did the thing. I had to. 

As most of you know, @swilmarillion​ has an absolutely amazing fanfic called “Follow you down” that you need to go and read right now. That fic has a little sibling, so to speak, called “Semi-charmed life” where she recently introduced the idea of Thuringwethil and Ilmarë being.... ehm....... ‘friends’. 

I simply felt obligated to write something on the matter, while also projecting some of my emotions while coming out to myself a couple of years ago onto Thil and........ well here it is! Enjoy this fanfic of a fanfic!

Thuringwethil was not running through the halls of the court house, but she WAS walking very briskly to the point where those who happened to come down the hall from the opposite side had to move out of the way. Some of them cursed, but most were used to the climate and didn’t even bat an eye. Being a lawyer was occassionally very stressful after all, and there was no one there who didn’t know WHOSE lawyer she was.

Yeah. No one would be shaming Thuringwethil, Melkor Bauglir’s lawyer, for being stressed.

As she rounded a corner however, she crashed into someone who just came down the stairs and with a pair of surprised cries they crashed onto the marble floor – the papers flying and whirling around them.

”Oh my god, I’m so sorry…! Here – let me help you!” said the person, who Thuringwethil was VERY ready to shout at, but she found that her words simply got stuck in her throat as she laid her eyes on the lady who had crashed into her. Said lady was currently helping Thuringwethil gather her papers in a neat pile, and seemed so focused on the task that she didn’t even seem to notice that Thuringwethil had simply frozen in place.

Long and silky hair, a beautiful contrast against her pale skin. The pencil skirt and the shirt she was wearing seemed to be of the best quality and Thuringwethil felt a jolt of jealousy go through her chest as she saw just how perfectly beautiful she was. It... had to be jealousy, didn’t it? What else could that jolt mean?

”Are you okay? The floor is pretty hard” she said (and damn her, even her voice made that jolt come back) and extended a hand to help her up, clutching the papers in her other hand.

”I’m... I’m fine. Thank you” Thuringwethil replied as she took the offered hand and stood up, self-conciously straightening her clothes and fixing her hair before taking the offered papers. ”Are you alright yourself? Those heels looks like they could kill a man” she joked, trying to break the tension she felt within herself, and luckily the other woman smiled and even laughed a little at the compliment.

”Yes thank you, I’m fine. I am preparing for a big case in a couple of days and I find that few things bring me as much confidence as strapping weapons to my feet” she joked in return, flexing her feet and showing off both the shoes and the effect they had on her legs (really – that jolt in Thuringwethil’s chest had to take a fucking break...! Maybe she needed more coffee.... with some scotch).

”I’m sincerely sorry though” she then said, a faint blush on her cheeks. ”I would love to make it up to you. Ehm... How about lunch later? There’s a lovely italian restaurant just down the street”

”Oh! I… ehm, thank you but that won’t be necessary” Thuringwethil said, immideately hating herself for turning down the offer.

”Oh I insist! Let’s meet outside the great entrance in.... two hours?” she suggested, winking and turning down the other staircase. ”I’ll see you at 12!”

It was only once she was completely gone that Thuringwethil realized that she hadn’t even asked for her name, or her number.... And really, it would just be impolite to turn it down, wouldn’t it? And... a free lunch was always nice.... It’s always good to broaden one’s network of contacts.... Yeah... Yeah that was totally the reason she was giddy and felt as though her chest was going to burst.

---

”I can’t believe I forgot to even tell you my name” Ilmarë laughed as they were seated at the restaurant. ”I swear, I’m not normally that clumbsy and forgetful. I have to seem like I’m a horrible lawyer” she said, that adorable little blush on her cheeks again.

”Well to be fair I forgot to tell you my name, and I forgot to actually look at where I was going” Thuringwethil assured her with a shrug, her own cheeks heating up a little bit and she attempted to hide it behind her menu. What was this...!? Why did she feel so weird...!?

”I guess it’s a good thing I gave you a time and place then, huh?” she said with a little smile, looking over the menu briefly. ”I could really recommend the mushroom tortellini – I even know which wine goes the best with it... Unless you have a case later today of course”

”Not at all, though if I did I might’ve needed a whole bottle for myself” Thuringwethil joked, deciding that she’d have whatever Ilmarë had.

”Oh right! You’re mr. Bauglir’s lawyer, aren’t you? I know it would’ve been improper to ask in any other case, but you have been in the news a lot lately”

”Don’t you worry about it. You’re buying me good wine, so you get at least one improper question”

”How generous”

”That’s me – a generous and loving soul forever trapped inside a lawyer’s harsh body”

That made Ilmarë laugh again, and a part of Thuringwethil decided that she really really liked the sound of it. Seriously, no woman had the right to be quite that perfectly beautiful. The jealousy kept sparking, but she somehow found that she didn’t mind.

”I might have to steal that trick of yours though – I could use some weapons strapped to my feet. My only problem is it might all be ruined if I slip and break my legs while wearing them”

”Nah, you’d be just like one of those monsters from that one horror game that crawl towards you using only their hands” Ilmarë teased, holding up her hands like claws as if to mimic the image, causing Thuringwethil to laugh this time around.

”You know, that would actually be hilarious. Melkor is a paranoid narcissist, to put it nicely, but he’s also a pompous show-off and a scaredy cat. He’d scream like a banshee”

”I don’t know if I could actually imagine mr. Bauglir scream in fear – I mean I’ve only seen him on TV and in the newspaper, but the looks rather intimidating”

”I mean, you might get an opportunity to see it some day soon if you want”

”Oh?”

”Yeah – Have you heard about this year’s haunted house by Dol Goldur?”

---

”I told you it was hilarious” Thuringwethil laughed as she poured them a glass of wine each, handing Ilmarë one before joining her on the sofa.

Once they were done at the haunted house (and Thuringwethil had gotten herself the money Melkor owed her) they had split with the group and went home to Thuringwethil’s. It seemed they shared a certain love for good cheese and crackers as well as a good red wine, and Thuringwethil couldn’t be happier. Ilmarë had bought the wine and Thuringwethil had chosen some special cheese for the night.

”I mean, it really was” Ilmarë snickered as they clinked their glasses together before taking a sip each – finishing with a pleased sigh. ”I was surprised by just how sweet they were, especially Gothmog. I mean, he looks huge and rather scary honestly, but he was just… the sweetest. A teddy bear”

”That would be an accurate description of him I’d say” Thuringwethil agreed with a laugh.”Just wait until you’ve tasted his food – He tries to set a new record every single thanksgiving”

”You celebrate thanksgiving together?”

”Yup – All holidays, basically”

”That’s… really sweet” Ilmarë said sincerely, scooting a little closer.

”I.. Ehm, yeah, it’s tradition by now” Thuringwethil said, trying to hide her blush by taking another sip. That damn jealousy was back again, but she couldn’t for her life figure out why. ”How... How about you? Have any friends you celebrate it with?”

”I normally celebrate with my sister and her husband. Occassionally my cousin stops by as well, but he’s quite busy” she shrugged, seemingly not too keen to talk about that, but Thuringwethil didn’t mind too much. She was quite honestly too focused on how warm and soft and close Ilmarë was to her.

They kept the conversation going for quite some time, but neither realized just how long they had been talking as it was all so relaxed and the words just seemed to come so naturally. The cheese was good, the wine was good, but soon they were out of the first, and with only half a glass of wine left each.

Sometime through glass number three they’d become quite giggly, and it had just seemed natural to snuggle closer.

”Is it just me, or is it hot in here?” Ilmarë suddenly asked, startling Thuringwethil who had been busy admiring just how pretty and silky Ilmarë’s hair was.

”Hm? Really? I hadn’t noticed”

”Yeah, it is like – really hot in here” Ilmarë insisted and shrugged her sweater off, leaving her in just a rather loose tank top and her skirt. For some reason, Thuringwethil had a REALLY hard time looking away from them (well who could blame her? They looked perfectly soft and nice and kissable).

”I… Don’t think that helped”

”Hm?”

”I’d… argue it just got hotter in here”

Ilmarë blinked at that comment, and looked into Thuringwethil’s eyes quite intensly. She had expected her to laugh, or to tease, but instead she just... Looked... And it made Thuringwethil’s heart miss a few beats.

”.... Thuringwethil-”

”Call me Thil”

”Thil” she said, running her tongue over her lips – So beautifully stained from the red wine. ”.... Can I ask you a question?”

”Go ahead”

”Cause I mean.. it’s like.... a real improper question”

”You know my rule about buying me wine and asking questions” she said quietly, her cheeks far too hot for her liking, and that burst of jealousy kept slamming against her ribs.

”So… One improper question?”

”Yeah”

”Okay…. Can I… Can I kiss you?”

Once again Thuringwethil completely froze in shock, her eyes wide as she looked down at Ilmarë and how she leaned so beautifully against her – her pretty cheek resting on her shoulder….

Kiss her…!? Why… Why would she? She wasn’t a lesbian or anything, she was completely and utterly straight. Totally. Everyone thought women were beautiful, even straight women, right? And... sometimes straight women kissed other women because they could... because they were drunk....

.... Totally straight.

Really sincerely wanting to kiss a girl was a totally straight thing to do, and so she simply breathed the answer:

”Yes”

Ilmarë tasted of wine and fuck, how were her lips so soft...!? Thuringwethil felt as though she was drowning – as if she couldn’t get enough. Kissing men never felt like this – they were never quite this soft.

She kissed her some more, because it was simply impossible not to, and when Ilmarë let out a breathy sigh against her – just the briefest teasing touch of her tongue against hers – she knew.

The emotion that was raging in her chest wasn’t jealously.

It never had been.

She was in love with Ilmarë.

[astrotranslations]

[Drunk-dols ③] ASTRO Who Have 'a Lot of Dreams', "We Want To Hold a Fantagio Family Concert Within 4 Years"

You made your acting debut through 'The Best Hit'. Eunwoo: It was fun. There was also a lot that I learnt. It was my first time on a public broadcast but I enjoyed the filming thanks to my seniors. I’ve always wanted to act but that desire has grown even more whilst shooting for this production. I think it’ll be a good opportunity not only as ASTRO but also for my experience in the entertainment industry. I want to do it again if the chance comes knocking.

Your name in the drama was MJ. There’s actually an MJ in your team. Feels like there’re some behind the scene stories. Eunwoo: At the start, I was the only one who got confused. They called me 'J' on set. I go for music broadcasts after having a dawn shoot and there fans would ask, "MJ, have you eaten?". So there were instances where I looked at them. We also have cheer supports and my body would always react each time during MJ’s part. The cameras shoot each of us and even though I’d be acting all gentlemanly and cool, I’ll break into a small chuckle when stuff like that happens. MJ: Seems like it was destiny (laughs).

MJ was an arrogant star in the drama. What’s the actual MJ like? MJ: I don’t know anything (laughs). A drama is just a drama.

Was there anything difficult when you were filming? Eunwoo: It was tough for me to adjust to the set when we were shooting our first scene. It was hard trying to understand the set’s atmosphere. That’s why I was awkward in the beginning. I consulted the director beforehand the scenes I was worried about so they came out better than I thought.

Between an actor and a singer, which is more charming? Eunwoo: The charms of both are really different. You can’t imitate the euphoria you experience on stage. The sense of accomplishment you feel towards the material you prepared is greater for acting. I may come across like a greedy person but I don’t want to lose either of them.

Did the other members monitor Eunwoo’s acting? JinJin: We gathered together and tuned in. At first I only remembered the times when we sat for acting classes together but he acted better than I thought he would so I was unknowingly drawn in. I was wondering how I could tease him but I was shocked. I was a level headed monitor assistant. Not teasing him is a compliment. It’s a silent message.

Did the members really not tease you? Eunwoo: Amongst my lines, there’s one that goes, "Why?" JinJin kept on asking "Why? Why?" then. They really didn’t make fun of me besides that. Seeing as how they didn’t tease me, I thought, "So I did well," (laughs).

Is there a CF that ASTRO would like to film for? Moonbin: ASTRO are 'refreshing-dols'. I want to shoot a CF for a refreshing drink or an ionic one. Eunwoo recently shot for a water park CF but I want us to shoot for it altogether the next time. Eunwoo: Let’s re-contract as six. We did 'drunk-dols' too I want to try for a beer CF as well.

As JinJin said, you recently filmed for water park CF with Sejeong. Did you get along well? Eunwoo: Of course. The CF wouldn’t have turned out as fun if we were just a business relationship. She’s a year older than me. The way each of us think is similar. She’s mature. I depended on her a lot

Is there a celebrity you’re close with? JinJin: Eric Nam hyung. I’ve featured in his song once when we were promoting on music broadcasts. He gleefully attended our concert when I invited him. I’m the sort to contact the other first.

MYTEEN’s Xiheon mention MJ at his debut showcase. MJ: I used to train with Xiheon, we would hit the PC place when practice ended and we were always together. He’s really good at singing and works very hard. I hope we’ll all do well.

WekiMeki debuted. Do you give them advice as their senior? Moonbin: I want to play a role where you realise, "So this is what a senior is like." I hope that our juniors don’t go through the same hard experiences as us. I want to tell them that it’s less exhausting if you communicate well with the company. MJ: I want for us to hold a family concert. Won’t that dream come true 4-5 years later? We would probably have a little brother group then. It’ll feel totally new.

You held a concert in Japan and went to Jakarta for 'Music Bank'. What thoughts cross your mind when you meet your international fans? Moonbin: There aren’t a lot of opportunities for us to meet each other. It’s always a different feeling every time we go overseas. They show us super huge reactions. You can feel the sincerity in their admiration. Even if our languages and the way we express ourselves are different, you can feel how genuine their emotions are so I like that.

It’s known that Eunwoo was no.1 in his whole school. Do you not regret choosing being an idol over your studies? Eunwoo: I don’t know about back then but there’s none now. When I was younger, I didn’t have a lot of interest for dance or being a trainee. If I had that interest then, I wouldn’t have entered fantagio and I probably wouldn’t have been part of ASTRO. I often communicate in English when we would sometimes go overseas. It makes me think that I studied to use my knowledge for such situations. It wasn’t a period that meant nothing.

What would you be doing now if you hadn’t become a singer? Eunwoo: I think I would’ve gone to a medical school. Looking at the long run, I wanted to become a professor. Announcer, anchor, doctor, pharmacist, nurse, prosecutor, soccer player, etc., I really had a lot of dreams. I may have had various dreams before but it’s only ASTRO now.

What is ASTRO’s dream? Eunwoo: To win no. 1 with our next album. Wouldn’t we one day become cool singers who represent South Korea if we continue to achieve our dreams one by one? Moonbin: I want for us to become a group who’s good at performing, like DBSK sunbae-nims. In my person opinion, they’re the coolest amongst idols. DBSK’s synergy as a full group was amazing. As someone who’s personally seen them when I was a child actor, live, visuals, performance, they were perfect in all areas. Looking at the big picture, I want to stand on the 'Super Bowl' stage. It’s a stage only for the really worldwide singers. If we work hard and get the public to like us then I don’t think it’s an impossible dream. BTS sunbae-nims won an award at the BBMA. That just means the whole world is focusing on K-Pop. MJ: The 'Super Bowl' stage is all the members' dream. For the short term, I want to hold a fantagio family concert. I’m really envious looking at pictures from other companies taken amongst themselves. I definitely want to do a concert that has only fantagio’s color.

Source: http://news.jtbc.joins.com/article/ArticlePrint.aspx?news_id=NB11507830

Translations by @99pm​h Take out with full credits

[mrwilliamcharley]

FREE Learning Opportunity: Kronos Spring #HR and #Payroll eSymposium

(Editor’s Note: Today’s post is brought to you by our friends at Kronos, a leading provider of workforce management and human capital management cloud solutions. For the second consecutive year, Kronos has been named one of the FORTUNE 100 Best Companies to Work For. Many congratulations to them! Enjoy today’s article!)

Last fall, I shared with you a wonderful (and FREE!) learning opportunity offered by our friends at Kronos. Well, it’s back by popular demand. The spring HR & Payroll eSymposium will be held on Wednesday, May 1, 2019 from 10 a.m. to 5 p.m. Eastern. This is one event you do not want to miss.

I don’t have to tell you about the importance of professional development. But I also know that sometimes we’re so focused on everyone else’s development that we forget to schedule time for ourselves. That’s why I wanted to share with you some specifics about this event. 

HR and Payroll eSymposium Agenda

The eSymposium is designed to bring HR and payroll professionals education on the topics we deal with most. This one-day experience will offer three tracks – HR, payroll, and workforce management – with many sessions eligible for recertification credits (more on that in a minute). As participants, we can follow one track or switch back and forth to explore the topics that we think matter most to our organizations. I checked out the agenda and there are five sessions that caught my eye, both HR and payroll related.

The Turning Employee Experience into Financial Strategy – If you’ve never had the opportunity to hear John Frehse, senior managing director at Ankura, speak, this is your chance. John is going to talk about the challenges associated with quantifying the value of investment in employees — and how this lack of clarity can cause an unintentional misallocation of human capital investments. He’ll explain the steps that organizations can take to improve the employee experience through strategy and technology. 

The Future of Work: Don’t Believe All the Hype About Robots Wiping Out Human Jobs – Another speaker that I was delighted to see on the agenda was Mollie Lombardi, co-founder and CEO of Aptitude Research Partners. She’s going to share what steps top companies are taking today to balance people and automation along with some strategies for integrating people and technology to adapt and stay competitive. Prepare now for the changing technology and employment landscape.

But strategy sessions aren’t the only type of content being offered during this eSymposium. We’ve seen a lot of conversation lately about compliance matters and I was happy to see that this event is going to cover those issues from both a payroll and HR perspective. 

Charting Your Course Through Changing Regulations – Explore how a multistate workforce comes with challenges that include compliance with a variety of rules and regulations across different states and municipalities — some of which may conflict with federal law — and how failure to comply could be quite costly. Multnomah Group Senior Consultant and CCO Bonnie Treichel will not only cover recent and expected changes but she will also discuss best practices for monitoring changes to the rules to ensure that HR can grow the company without drowning in legalese.

Payroll Compliance Update: New Laws and Required Changes in 2019 –The requirements of the Fair Labor Standards Act (FLSA) are complex and often misunderstood by employers. These misinterpretations about how the FLSA is applied and the rules for determining overtime pay can expose an employer to millions of dollars in back pay claims. Calvin House, partner with Gutierrez, Preciado & House, LLP,will explain the requirements for white-collar exemptions, how tipped employees are treated under the FLSA, the facts that the Department of Labor (DOL) uses to determine whether a worker is exempt as an intern, as well as trends in enforcement. 

And in full disclosure, I certainly hope you will take a few moments to listen to my interview with Kronos CEO Aron Ain. During the interview, Ain takes us inside Kronos’ award-winning culture, showcasing the surprisingly simple rules that any organization can follow to replicate their success. Kronos employee engagement has continued to climb to an all-time high of 87 percent and has earned the company many coveted best-place-to-work distinctions around the world, including the Society for Human Resource Management (SHRM) When Work Works, Glassdoor’s 100 Best Places to Work, and Forbes’s America’s Best Employers.

Work Inspired: How to Build an Organization Where Everyone Loves to Work – Imagine a company where everybody loves to work, where employees feel not just “satisfied” but truly cared for, respected, and energized. Think of the impact this would have on recruitment, retention, customer satisfaction, innovation, and overall performance. This session will focus on how to create an inspired culture by embracing employee development and engagement as a growth strategy, including holding managers accountable and giving employees their time back. 

Now of course, I couldn’t list the entire agenda (as much as I would love to). This is just a sampling of the sessions being offered. You’ll notice when you check out the complete agenda on the Kronos website that there are more sessions than you have time. Please don’t let that discourage you!

Listen to the Recordings if You Can’t Make the Live Event

There will be recordings of each session and you’ll be able to download any session materials. So, if you’re not able to listen to the live sessions on May 1 OR your learning preference is to space listening out over time, then you certainly can. That’s the beauty of this learning format.  

Also, let me add that there have been a few times in my career when I’ve been responsible for both human resources and payroll. Having an event for both payroll and HR is a big selling point. I could see this as an opportunity to bring everyone together, order lunch, and listen to a session as a group. Because the event is free, it’s a good way to encourage HR to learn more about payroll and vice versa. 

As someone who has attended Kronos conferences in the past, I can speak from experience that Kronos delivers quality professional development. I know that I’ll be signing up for the eSymposium and hope you will do the same. 

Kronos HR & Payroll eSymposium

Wednesday, May 1, 2019

10 a.m. to 5 p.m. Eastern

Registration and Details: 

https://www.kronos.com/about-us/events/kronos-hr-payroll-esymposium-5-1

Oh, and P.S. The Kronos Spring eSymposium is eligible for recertification credits! I’m sure some of you were wondering if this event qualifies for continuing education credits. And yes, it does. Most of the sessions have been pre-approved by the Society for Human Resource Management (SHRM), the Human Resources Certification Institute (HRCI), and the American Payroll Association. Kronos will be providing a certificate of participation for your files. So, if you’re certified, this event is a no-brainer. It covers the trifecta of learning: 1) free, 2) high quality programs, and 3) approved for recertification credits. I don’t have to tell you that this doesn’t happen very often. So sign up now. 

The post FREE Learning Opportunity: Kronos Spring #HR and #Payroll eSymposium appeared first on hr bartender.

from hr bartender http://bit.ly/2UXAeB5

[pastorhogg]

Churches No Longer Face Overtime Pay Increase

Just before Labor Day, a federal judge in Texas struck down a US Department of Labor (DOL) mandate that full-time, salaried workers—including church and parachurch staff—who earn up to $47,476 must be paid time-and-a-half for any overtime they work. This week, the Justice Department announced that it would not pursue the matter.

Texas judge Amos Mazzant said he wasn’t opposed to the “general lawfulness of the salary-level test or the Department’s authority to implement such a test,” but that the DOL focused too much on the amount of money paid and not enough on the job duties. So far, 21 states and 50 companies had filed lawsuits against the Labor Department, charging that it had exceeded its authority.

The previous limit, set by President George W. Bush, was $23,660. Labor secretary Alexander Acosta said at his confirmation hearing in March that an adjustment for inflation would leave the number “somewhere around $33,000.”

“I’m very sensitive to the face that it hasn’t been updated since 2004,” he told US senators at his confirmation hearing, promising to “look at this very closely.”

“Churches and ministries throughout the United States are relieved that the Trump administration is taking a measured approach to potential changes in the overtime threshold,” Evangelical Council for Financial Accountability president Dan Busby told CT. “The [DOL] recently submitted a formal request for information to employers. This input will be considered before the DOL presumably increases the overtime to a threshold much lower than what was proposed by the former administration.”

If any adjustments are made, employees such as church secretaries, janitors, or preschool teachers making less than the limit would need to be paid 1.5 times their normal rate for any time they put in beyond 40 hours a week. But pastors would likely be exempt no matter their salary, according to legal expert Richard Hammar.

CT asked experts if upping the salary level to $47,476 would have made ministry jobs more rewarding due to the pay increase, or rarer due to the financial burden put on ministries.

Would more overtime pay be good for ministries? Answers arranged from “yes” to “no.”

“Overtime regulations are not about helping people to become rich; they are about remembering to be just. The purpose of paying a ministry staff is to free them up from the concerns of making a living so they can devote themselves to do the work of the ministry. Too often we want top talent for minimal compensation. Look at Matthew 20. The Master did not underpay the first workers; he overpaid the last.” Mark A. Croston Sr., national director, Black Church Partnerships, LifeWay Christian Resources

“The solution: pay higher salaries to fewer people. The biggest staffing trend I’ve seen is smart churches paying more for people who can lead leaders and build teams. It may be a painful transition initially, but it’s one that has the potential to help pastors focus more on raising a sustainable corps of volunteers and unleashing the church to be the church through its people—not just through its building and staff.” William Vanderbloemen, president, Vanderbloemen Search Group

“Churches should continually evaluate whether they are fairly paying their employees for the services rendered. As Christians, we are to be a model of excellence. This applies to our employment practices.” Eric Moore, professor of pastoral ministries, Moody Theological Seminary

“We should desire to pay our employees fairly. At the same time, it is clear that the pay scale is often different in a ministry setting than it is in a for-profit setting. It is critical for us to fully understand the implications of this change, and to comply with the new regulation. Scripture is clear that we have an obligation to follow the laws if they are not contradictory to biblical principles.” Vonna Laue, managing partner, Capin Crouse

“The small church/ministry doesn’t typically set its salaries based on the minimum allowed by law, but rather on the availability of usually scarce resources. I don’t know any pastors who stop doing ministry just because they have exceeded that week’s allotted hours. This change in the law probably won’t cause them to start doing so.” Jesse Rincones, executive director, Hispanic Baptist Convention of Texas

“I am concerned that, in order to meet organizational objectives while staying within their budgets, some organizations may look to reduce full-time positions and increase less stable, often benefit-void, part-time positions. Such a scenario is not best for either party.” Art Rainer, vice president for institutional advancement, Southeastern Baptist Theological Seminary

Additional reporting by Sarah Eekhoff Zylstra

from News and Reporting http://ift.tt/2xUIIdE via IFTTT

[omcik-blog]

New Post has been published on OmCik

New Post has been published on http://omcik.com/former-sec-chair-mary-jo-white-speaks/

Former SEC chair Mary Jo White speaks

In an exclusive interview, White comments on the future of the SEC’s fiduciary rule, her biggest achievement as SEC chair and what’s ahead under the new administration. (AP Photo/Seth Wenig, File)

After nearly four years as head of the Securities and Exchange Commission — one of the longest terms served by any SEC chair — outgoing Chairwoman Mary Jo White quips that she’s “not tired at all. This is a great job. […] The issues are not only critically important to investors and the markets, but really wonderful challenges to deal with. I like hard challenges.”

No doubt White can show some muscle, but as the women coming in and out of her office at SEC headquarters in Washington on a mid-January morning can attest, she’s clearly got a soft side. “She takes care of people,” said one of the SEC employees, as another handed White a card. “She’ll be missed.”

Those accolades came just minutes before I sat down to have a wide-ranging interview with White, covering everything from the fiduciary rule she fought hard to get passed (but didn’t), advisor exams and her “broken windows” approach to pursuing violations, to her thoughts on Jay Clayton, President Donald Trump’s nominee to take her spot.

Below is an excerpt of the interview with White.

Waddell: Is the fiduciary rulemaking one of your biggest disappointments, not getting it passed?

White: It’s a disappointment. I think it’s an extraordinarily, in my mind, important rule for the commission to undertake. The commission has been studying whether to do it for decades; we’re not mandated to do it. […] I spent a lot of time studying it myself before I concluded, for myself, that we should advance it. But I made very clear when I said that, that it was very complicated, it would take a long time and I’m only one vote. As you know, undoubtedly, a number of our present and former commissioners have publicly stated their own views. So that’s not a rule, with our current commission of three, that could be advanced.

Waddell: Do you think the agency should do one in the next administration?

White: I do. But it will be up to the next chair to make that decision. I’m sure that the chair will want to study it pretty intensively before making that decision.

(Related: Mary Jo White Fears Demise of SEC’s Independence)

ON DOL FIDUCIARY, THIRD-PARTY EXAMS

Waddell: How do you feel about the Department of Labor’s fiduciary rule? Did Labor Secretary Thomas Perez come to you and say “We’re going to do this because the SEC isn’t moving forward?”

White: No. We’re independent agencies. If we proceed, we would do it under Section 913 of the Dodd-Frank Act; that requires certain parameters that don’t apply to DOL. Some of those parameters also include being more solicitous of the broker model, in terms of what’s allowed to be done. So the ERISA space is a very important space and responsibility of the DOL. I’ve always said, and still think, that we are independent agencies with independent responsibilities. There was no, “I’m going to do this because you aren’t. We can’t do it because you are.” I think we can both act independently, obviously in coordination.

Waddell: But how do you feel about the DOL’s fiduciary rule?

White: I’m not going to comment on the specific rule. I will say this: I think it’s very important that there be a uniform fiduciary duty that’s applied to both broker-dealers and investment advisors, certainly when giving investment advice to retail investors. I don’t necessarily limit it to retail investors. The Department of Labor’s rule does cover that in their space.

Waddell: Advisor exams, the third-party audit rule, that didn’t advance during your term.

White: There’s a completed proposal before my two fellow commissioners. I’ve stated this publicly: I think it’s very important to advance it, but in this particular three-person commission, there was not sufficient support to advance it. I certainly hope the next chair and commission do advance it.

Waddell: Your “broken windows” approach — do you think that will survive? How do you think that fared?

White: I think it was an enormously successful approach. I think it’s often misinterpreted; […] it’s a part of a very strong enforcement program. It’s resource efficient, didn’t take away resources from all of our other cases, […] the serious frauds, the Ponzi schemes, the financial reporting cases. Why is it important that it be a component of a strong enforcement program? If you have important rules on the books where there is rather widespread noncompliance, you might as well not have the rules on the books. So what you’re trying to do is raise the bar of compliance on important rules. I think it’s been quite successful.

Waddell: Do you see the advisory profession, speaking of the broken windows approach, as a troublesome area? Are you concerned about fraud in that area?

White: I think if you look at the cases we’ve brought, certainly since I’ve been chair, I think we’ve brought more cases against investment advisors than in the history of the commission.

Waddell: Any other measures you think should be taken then?

White: Well, our exam program is also very focused, more and more so, on different practices within the advisor space. And we deliberately put out our priorities to also leverage better compliance. We’re not out to play “gotcha,” but we are out to raise the bar of compliance.

ON REGULATORY ARBITRAGE

Waddell: Why do you think there’s such an influx of RIAs registering with the commission?

White: There are lots of theories about that. I hope it isn’t — but it is one of the theories — that [it’s] because there’s more exam coverage between FINRA and the SEC of brokers than there are of investment advisors. But you worry about that.

Waddell: Do you think that should be a focus for the next chair — to look at this movement?

White: Yes, […] and look at covering those investment advisors in terms of exams. That goes back to the resources just not matching the responsibilities.

Waddell: Do you think the exam priorities will stay intact in the new commission?

White: Yes. The chair is very involved with OCIE, and the other commissioners are also consulted, but I think if you look at what those priorities are, the odds are they will continue as high priorities. They make a lot of sense.

ON THE NEXT SEC CHAIR AND SEC-FOCUSED LEGISLATION

Waddell: Do you think Jay Clayton, selected by President Donald Trump to be next SEC chair, is a good choice?

White: I know him some from New York. […] I’ve met with him, I think he’s very impressive, he’s smart, he’s principled, he’s a really nice guy. I think he’ll be a really strong leader.

Waddell: People say Clayton will likely focus on a capital formation agenda. Is that good or bad?

White: We don’t know what he’ll focus on. I think we’ll see when he’s here. Capital formation is part of our tri-part agenda. We certainly focused on capital formation [during my term]. Certain areas can get more attention based on the mandates we have. […] The JOBS Act that we implemented, all of that’s certainly directly related to facilitating capital formation. We did discretionary rulemaking to complement those different avenues of raising capital. I think every commission should focus very closely on facilitating capital formation, not to the exclusion of the other parts of our mission.

Waddell: What about the challenges that he faces as chair?

White: I think our biggest challenge is we are under-resourced; that applies in the advisor space but it applies across the board. When I’m asked what my most significant challenge is, that’s it. If you look at the wide range of responsibilities the SEC has, it’s in so many spaces that are very technical that if you’re not sufficiently resourced, you can’t do the job that you’re assigned to do.

Waddell: Rep. Ann Wagner’s bill, the SEC Regulatory Accountability Act, H.R. 78, which recently passed the House, you’ve been critical of it.

White: The concern that I have, and there have been similar bills before, is that it would impose additional requirements on our rulemaking that I don’t think would improve the process, improve the rules, but could bog us down so that we effectively can’t, in any prompt way, adopt rules to protect markets and investors.

Waddell: You’ve also criticized House Financial Services Chairman Rep. Jeb Hensarling’s Financial CHOICE Act as dismantling Dodd-Frank.

White: There are hundreds of provisions in the CHOICE Act, and there are a number of them directed to our space; a number of those are quite concerning, both in terms of rolling back core Dodd-Frank reforms but also I think undermining a strong enforcement program. And again, imposing additional requirements on our rulemaking.

Waddell: What’s your biggest achievement during your term?

White: I don’t really think in those terms. I’m enormously proud and pleased with what the agency has accomplished across the board. I think we’ve strengthened enforcement and the exam program. On the rulemaking side, this has been an unprecedented time of rulemaking — mandates and discretionary rulemakings — in the commission’s history. We’ve done over 50 packages of very consequential rules. Highlights include money market reform, Regulation SCI and the modernization of our regulatory regime for the asset management industry.

Originally published on ThinkAdvisor. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.