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DOL Removes Restrictions on Recommendations of Principal Traded Assets from Prohibited Transaction Exemption 2020-02

The US Department of Labor (DOL) amended Prohibited Transaction Exemption 2020-02 (PTE 2020-02) to provide relief for recommendations of all types of principal trades. This change, effective September 23, 2024 and subject to...more

Department of Labor Finalizes QPAM Exemption Amendment

The US Department of Labor (DOL) final amendment to Prohibited Transaction Class Exemption 84-14, the so-called QPAM Exemption that is commonly relied upon by investment managers for ERISA-governed employee benefit plans and...more

A Rose is a Rose: DOL’s New Fiduciary Proposal Is the Same as the Vacated 2016 Rule

While litigation (and other challenges) against the US Department of Labor’s (DOL’s) Retirement Security Rule is likely, its outcome is uncertain; therefore, impacted firms should consider approaches to implementation....more

SEC Proposes Sweeping Rules on Broker-Dealer and Investment Adviser Technology Use

The US Securities and Exchange Commission (SEC) proposed on July 26, 2023 new rules designed to address conflicts of interest from the use of predictive data analytics in “investor interactions” by broker-dealers and...more

Finalized DOL Regulation Raises Commingled Funds Proxy Voting Issue

The US Department of Labor’s final regulation on the investment duties of ERISA fiduciaries contains a special rule on proxy voting by ERISA pooled investment vehicles, which requires action by December 1, 2023....more

Recommending 529 Plans: Meeting Reg. BI’s Care Obligation

529 Plans are state-sponsored investment programs that facilitate savings for qualified education expenses, including tuition, fees, room and board, and other education-related expenses. Unlike retirement accounts that...more

US Department of Labor Proposes Extensive Changes to QPAM Exemption

The US Department of Labor (DOL) published in the July 27, 2022, Federal Register a number of proposed changes to Prohibited Transaction Class Exemption (PTE) 84-14, the so-called “QPAM Exemption.” Investment managers of US...more

Could Sponsoring a Pooled Employer Plan Grow Your Business?

While large financial institutions with significant expertise in retirement plan administration are widely expected to sponsor most pooled employer plans (PEPs), other firms (such as franchisors, gig economy employers, joint...more

Digesting the New Proposed Exception to the ‘One-Bad-Apple Rule’ for MEPs and PEPs

In late March 2022, the US Internal Revenue Service withdrew regulations proposed in 2019 and issued new proposed regulations under sections 413(c) and (e) of the Internal Revenue Code, which provide for an exception to...more

ERISA Fiduciaries Under a Biden Labor Department: What Is on the Horizon?

President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more

Year-End Stimulus Bill Includes ERISA Disclosure Requirements for Certain Group Health Plan Service Providers

Since 2012, US Department of Labor (DOL) regulations under ERISA Section 408(b)(2)—a statutory exemption from the ERISA prohibited transaction provisions—have required certain service providers to employer-sponsored...more

DOL’s Final ERISA Proxy Voting Rule Largely Changed to Principles-based Approach

The US Department of Labor (DOL) has released its final rule on the application of ERISA fiduciary duties—specifically the duties of prudence and loyalty—to proxy voting and the exercise of shareholder rights. It takes effect...more

DOL Finalizes ‘Financial Factors’ ERISA Regulation

The US Department of Labor’s final ERISA regulation generally follows its proposal but without the focus on environmental, social, and governance investing. ...more

DOL Proposes Rules on Pooled Plan Provider Registration Process

Like many of our clients, we have been anxiously awaiting guidance from regulators on pooled employer plans, which may enter the retirement plan marketplace as soon as January 1, 2021. ...more

DOL Take Three: ‘Five-Part Test’ Officially Reinstated; Proposed Investment Advice Exemption

Just as broker-dealers and investment advisers finalized their initial implementation plans for the US Securities and Exchange Commission (SEC) Form CRS and Regulation Best Interest (Reg. BI), the US Department of Labor (DOL)...more

Recent Developments in ERISA Plan Investment Regulation

The US Department of Labor has issued guidance on private equity in 401(k) plan designated investment alternatives and a proposed regulation on environmental, social, and governance investing....more

SECURE Act Increases Access to Retirement Plans with 'Pooled Employer Plans'

For more than seven years now, policymakers and taxpayers have clamored for Congress to change the law to permit “open” multiple employer plans (MEPs) – that is, retirement plans that are adopted by multiple unrelated...more

In Focus: Deciphering the SEC’s Standard of Conduct for Investment Advisers

The SEC’s interpretation of the investment adviser standard of conduct appears to refine the contours of the fiduciary duty that investment advisers owe their clients under the Advisers Act, enhance disclosure obligations,...more

In Focus: SEC Form CRS Roadmap – How to Navigate Its Operational Challenges

To help retail investors better understand the services, fees, costs, conflicts of interest, and required standards of conduct that apply to relationships with broker-dealers (Broker-Dealers), federally registered investment...more

Update on State Fiduciary Duty Regulations

As Massachusetts steps up to the plate, New Jersey extends comment period and announces public hearing. Just as the comment period on New Jersey’s fiduciary rule proposal came to a close, Massachusetts Secretary of State...more

SEC Adopts Standards of Conduct For Retail Advice

The US Securities and Exchange Commission voted on June 5 to adopt its long-awaited rules governing retail advice. These new standards of conduct include the adoption of Regulation BI and Form CRS, as well as interpretive...more

Nevada Proposes New Fiduciary Rules that Would Increase Broker-Dealer and Investment Adviser Obligations

This LawFlash outlines the key provisions in Nevada’s draft regulation and discusses, among other topics, when the regulation would be effective, when fiduciary duty would apply, and what conduct would be considered a...more

Plan Distribution and Rollover Guidance After Chamber of Commerce v. US Department of Labor - An Analysis of the Deseret Letter

This paper examines how a plan service provider (such as a trustee, record-keeper, broker-dealer, or investment adviser) can offer participant-level distribution and rollover guidance under the US Department of Labor’s...more

Fifth Circuit Vacates DOL Fiduciary Rule ‘In Toto’

What does this mean, and what should financial institutions do now? In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the US Department of Labor’s (DOL) fiduciary rule, deciding in favor of a...more

UPDATE: US Tax Reform Impacts Roth IRA Conversions

The Internal Revenue Service confirms in writing that recharacterizing 2017 Roth IRA conversions will be permitted until October 15, 2018....more

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