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Structuring Private Equity Deals in 2017: Considerations for Buyers While They Wait for the Sun Capital Appeals to Play Out

Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund has been analyzed extensively over the past four years, as it has made its way from the US District Court for the District of...more

A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule

As we previously discussed in our May 19, 2016 SW Benefits Update, the Department of Labor (the “Department”) previously issued final regulations on fiduciary conflicts of interest in retirement programs. The rules, which...more

DOL Issues New Guidance on Plan Fiduciaries' Proxy Voting Policies

The Employee Benefits Security Administration (EBSA) published Interpretive Bulletin (IB) 2016-1 on Dec. 29, 2016, relating to the exercise of shareholder rights and written statements of investment policy, including proxy...more

Fiduciary Rule's Status Uncertain

On Friday, February 3, 2017, the President signed an executive order requiring the re-examination of the final Fiduciary Rule (81 Fed. Reg. 20946 (April 8, 2016)) set to go into effect on April 10, 2017. The Fiduciary Rule,...more

The Future of Investment Management Regulation: What to Expect in 2017

In this fast-changing regulatory environment, the long-term consequences – both intended and unintended – of recent White House actions remain uncertain, but looking into our crystal ball, we see certain trends emerging....more

403(b) Remedial Amendment Deadline Finally Set

On January 13, 2017, the IRS issued guidance setting March 31, 2020 as the last day of the remedial amendment period for 403(b) retirement plans. A remedial amendment period is a time frame during which an employer can...more

Department of Labor Moves to Delay Fiduciary Rule

On Thursday, February 9, 2017, the Department of Labor (DOL) filed a notice with the Office of Management and Budget (OMB) to delay the effective date of the final Conflict of Interest Rule that re-defines who is a fiduciary...more

DOL’s Fiduciary Rule Still in Limbo after Trump Memo and Federal Judge’s Ruling

Last week, President Trump issued a memorandum directing the Department of Labor (DOL) to reconsider implementation of the fiduciary rule. The fiduciary rule, which widens the scope of who is considered a “fiduciary” of an...more

Employee Benefits Advisory: White House Orders Review of DOL Final Fiduciary Rule

On February 3, 2017, President Donald J. Trump issued a Presidential Memorandum ordering the US Department of Labor (DOL) to conduct a full review of its final fiduciary rule and related guidance, anticipated to go into...more

DOL Fiduciary Rule Still On for April 10 Implementation

The Department of Labor’s Fiduciary Duty Rule remains on track for April 10 implementation, notwithstanding a maelstrom of hype about it. Nearly everyone expected the new administration would delay the Rule – and many...more

Implications of Trump's Memorandum on Status of Fiduciary Rule

President Donald Trump issued a memorandum on Feb. 3, 2017, directing the U.S. Department of Labor (DOL) to reconsider the regulations that change the definitions of fiduciary and fiduciary advice. The regulations,...more

German Federal Financial Supervisory Authority (BaFin) Releases Online Whistleblowing System

On January 1 2017, the German Federal Financial Supervisory Authority (“BaFin”) set up an online whistleblowing system allowing anyone to anonymously report alleged violations of supervisory law. BaFin is the national...more

Financial Services Weekly News - February 2017 #2

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

No Change By Trump: Fiduciary Regulations Still Effective in April

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

Trump delays the fiduciary rule, but the broker-dealers lost

President Donald Trump delayed the implementation of the Department of Labor fiduciary rule by six months through a directive. While the delay is only for six months, Trump put enough hurdles that implementation of the new...more

New White House memorandum likely to result in delay of fiduciary rule

Last Friday, President Trump issued a memorandum for the U.S. Secretary of Labor that seems likely to result in the delay of key regulations issued under the Obama administration, which are currently set to become applicable...more

European Securities and Markets Authority Opines on Exemption for Spanish-Based Pension Schemes From the Clearing Obligation

The European Securities and Markets Authority published an Opinion on Spanish-based pension schemes that are to be exempted from the clearing obligation under the European Market Infrastructure Regulation. The Opinion was...more

Advisors Advantage - February 2017

Concepts That Retirement Plan Advisors Shouldn't Focus On. It would be a detriment to focus only on this stuff. Being a financial advisor isn't as easy as many people on the outside think. There are so many things you ...more

"Change in Administration Presents Opportunity to Revisit DOL Fiduciary Rule"

In 2016, regulatory developments introduced fundamental changes in the legal standards that govern the relationship of broker-dealers with their customers. Although the changes are not applicable until April 10, 2017, most in...more

Trump Directs Department of Labor to Review Fiduciary Rule

By a memorandum to the acting secretary of labor signed on Friday, February 3, 2017, President Trump formally directed the Department of Labor (Department) to review its conflict of interest regulations, the so-called...more

Your Daily Dose of Financial News

Measuring growth according to GDP. It’s how we’ve always done it, but here’s an interesting argument that the transition to an online services-based economy may mean that we’re underestimating growth by as much as 2 percent...more

President Issues Order Calling on the Department of Labor to Reconsider Fiduciary Rule

On February 3, 2017, President Donald J. Trump issued a memorandum directing the U.S. Department of Labor (DOL) to re-examine the DOL’s final rule on who is a “fiduciary” of an employee benefit plan under the Internal Revenue...more

SEC Considers Changes to CEO Pay Ratio Rules

SEC Acting Chairman Michael S. Piwowar issued a public statement on February 6, 2017 requesting input on any unexpected challenges that companies have experienced as they prepare for compliance the CEO pay ratio rules....more

Presidential Memo Directs Department Of Labor to Look At Conflict of Interest/Fiduciary Regulation Again

Many retirement plan sponsors, fiduciaries and retirement plan service providers and investment advisors have been waiting and hoping for a delay in the Conflict of Interest or Fiduciary (the “COI Package”) regulatory package...more

President Trump Issues Executive Orders Impacting Dodd-Frank Act And DOL Fiduciary Duty Rule

On Friday, February 3, 2017, President Trump signed two Executive Orders impacting the financial services industry. 1. Dodd-Frank Act - President Trump signed an Executive Order designed to review the regulations...more

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