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News from the Vermont Statehouse - An Analysis from DRM’s Government & Public Affairs Team - April 2017 #2

by Downs Rachlin Martin PLLC on

Senate Money Panel Passes Budget Bill - On a vote of 7-0, the Senate Appropriations Committee passed a $5.8 billion budget on Friday that closes a $72 million projected gap between revenues and expenditures in the 2018...more

For the Second Time, Fiduciary Rule Applicability Date is Pushed Back

by Bass, Berry & Sims PLC on

In an unsurprising move, the Department of Labor (DOL) postponed the applicability date of the fiduciary rule on April 4 for an additional 60 days. The new applicability date for the rule is June 9, 2017, although the DOL...more

DOL Finalizes 60-Day Delay of ‘Fiduciary Rule’

by Shearman & Sterling LLP on

On April 4, 2017, the Department of Labor issued a final rule delaying the applicability date of its “fiduciary rule” and related exemptions to June 9, 2017. The delay also provides that (1) reliance on the Best Interest...more

DOL’s Fiduciary Rule: On the Road to More Change?

by Burns & Levinson LLP on

The latest chapter in the 6-1/2 year history of the Department of Labor (DOL) final Fiduciary Rule is a 60-day delay of part of the final regulations, and a delay until January 1, 2018 for certain disclosures and other...more

The DOL Fiduciary Rule Is No Time To Celebrate

by Ary Rosenbaum on

The Department of Labor (DOL) sent the final rule to the Office of Management and Budget that will delay the implementation of the fiduciary rule. While some brokers may think it’s a time to celebrate, there is no room to...more

DOL Fiduciary Rule: 60-day Delay to the Applicability Date Finalized

by Goodwin on

The delay came in response to the Presidential Memorandum issued on February 3, 2017, regarding the Fiduciary Rule. The Presidential Memorandum directed the DOL to conduct an updated impact assessment on whether the Rule “may...more

Update on the Department of Labor’s New Fiduciary Rules and Subsequent Challenges

On April 6, 2016, the Department of Labor under the Obama administration issued a new final rule and exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual...more

"DOL Finalizes Delay of Conflict of Interest Rule"

On April 4, 2017, the Department of Labor (DOL) released its final rule providing a 60-day delay of the April 10, 2017, applicability date of its conflict of interest regulation (the so-called fiduciary rule) and related...more

ERISA's Fiduciary Rule - Not Dead Yet?

by Dechert LLP on

The controversial new fiduciary regulation of the U.S. Department of Labor (the “DOL”), together with related new and amended “prohibited transaction” exemptions (collectively, the “Rule”), had been scheduled to become...more

DOL Fiduciary Rule Delayed, But At Least Parts Might Be Here to Stay

On April 4, 2017, the U.S. Department of Labor issued a final rule postponing applicability of the conflict of interest rule and related exemptions for sixty days, until June 9, 2017...more

DOL Fiduciary Rule Delayed by 60 Days

by Morrison & Foerster LLP on

Impartial Conduct Standards to Become Effective on June 9, 2017 Other Provisions Are Subject of Further Evaluation Prior to January 1, 2018 Implementation Date - Late in the day on April 4, 2017, the Department of Labor...more

The Future of EB-5 is Being Viewed through a Different Lens

by Goulston & Storrs PC on

Developers, investors and other stakeholders are looking for signs as to how the new administration will approach legal immigration, specifically immigration fostered by the EB-5 Regional Center Program. As we reported in...more

US Department of Labor Proposes Extension to Fiduciary Rule Applicability Date

by Shearman & Sterling LLP on

The US Department of Labor proposed to extend the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10, 2017 to June 9, 2017....more

DOL Announces Temporary No Enforcement Policy of Fiduciary Rule

by Bass, Berry & Sims PLC on

Earlier this month, the Department of Labor (DOL) proposed a 60-day delay of the April 10, 2017 effective date of its (much debated) fiduciary rule. The fiduciary rule – a vestige of the Obama Administration – was thought to...more

Worried About the Fiduciary Rule? Don’t Be…Yet!

by Bryan Cave on

The Department of Labor (DOL) released Field Assistance Bulletin 2017-01 on March 10, 2017, which outlines a temporary enforcement policy related to its final fiduciary rule. Background - On February 3, 2017,...more

Who’s on First? - Current Status of the DOL’s Fiduciary Duty Rule

by Bryan Cave on

On March 10, 2017, the Department of Labor (“DOL”) issued “Field Assistance Bulletin No. 2017-01,” notifying financial services firms that the DOL will not, “in the short term,” pursue enforcement of its proposed new...more

Fiduciary Regulations: New Proposed Effective Date in June

by Burns & Levinson LLP on

On February 3, 2017 President Trump issued a memorandum directing the Secretary of the DOL to determine whether new fiduciary regulations impair the public’s access to retirement information and financial advice. Please...more

Latest Developments from the Connecticut General Assembly: The Labor and Public Employees Committee Begins to Speak - March 2017

At its February 21, 2017 and March 2, 2017 meetings, the General Assembly’s Labor and Public Employees Committee began the process of approving bills. The following is a listing (with a brief description) of the proposed...more

ERISA's Fiduciary Rule at the Crossroads - DOL Puts the Brakes on Enforcement

by Dechert LLP on

At the end of last week, on March 10, 2017, the U.S. Department of Labor (the "DOL") issued Field Assistance Bulletin 2017-01 (the "FAB"). The FAB relates to the DOL's proposal, which was published in the Federal Register on...more

DOL Proposes to Delay Fiduciary Advice Rule, Requests Comments on Delay and on Costs, Benefits of the Rule

On March 2, the US Department of Labor (DOL) published a proposed extension (the "Proposal") of the effective date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule"). The Rule...more

The Final Rule: BICE on Ice? Status of the DOL Fiduciary Rule

With recent developments in all three branches of government bearing on the authority and timing of the new Department of Labor (DOL) final rule expanding the definition of fiduciary “investment advice” (the Final Rule) for...more

DOL Proposes 60-Day Delay of Fiduciary Rule in Response to White House Directive

by McDermott Will & Emery on

The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and...more

DOL Fiduciary Rule: Proposed Delay to the Applicability Date

by Goodwin on

The DOL’s proposal comes in response to the Presidential Memorandum issued on February 3, 2017, regarding the Fiduciary Rule. The Presidential Memorandum directed the DOL to conduct an updated impact assessment on whether the...more

DOL Fiduciary Rule – A Proposed Delay and Uncertain Future

by Jackson Lewis P.C. on

We’ve previously written about the Department of Labor’s new fiduciary rule, which expands the definition of who is considered a fiduciary under the Employee Retirement Income Security Act, as amended (“ERISA”) and the...more

In Case You Missed It - Interesting Items for Corporate Counsel - January 2017

by Stoel Rives LLP on

The SEC published a white paper about Regulation A+, What Do We Know So Far?, here. Since changes to Regulation A in June 2015, there have been 147 Regulation A offerings, seeking $2.6 billion, that have raised about $190...more

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