Conflicts of Interest

News & Analysis as of

US Department of Labor’s Fiduciary Rule Introduces a Brave New World

Final rule reflects some concessions, but its broad scope and compliance costs will cause financial services advisers to re-evaluate their business models. On April 6, 2016, the US Department of Labor (the DOL) released...more

Second Circuit: Intent to Harm Is Not Required for Criminal Conviction Under Investment Advisers Act

On May 4, 2016, the U.S. Court of Appeals for the Second Circuit affirmed the fraud conviction of a registered investment adviser and held that proof of intent to harm is not an element of a criminal conviction under section...more

DOL Releases Final Regulations to Expand ERISA ‘Fiduciary’ Definition

In Depth - After more than five years of development and revision, the US Department of Labor (DOL) released final regulations to redefine a “fiduciary” under the Employee Retirement Income Security Act of 1974, as...more

FPPC Amends Regulations for Conflict of Interest Codes

The Political Reform Act requires all government agencies to adopt and circulate a Conflict of Interest Code showing which positions in the agency involve participation in governmental decision-making. It also must identify...more

The Lawyers' Lawyer Newsletter - Recent Developments in Risk Management - May 2016

Conflicts of Interest — Subject Matter Conflicts — Can IP Attorneys Simultaneously Represent Two Clients That Are Prosecuting Patents for Similar Inventions? - Maling v. Finnegan, Henderson, Farabow, Garrett & Dunner,...more

"Weaknesses" In The IBA Guidelines On Conflicts Of Interest

There has recently been a push among some members of the international arbitration community to make the application of so-called “soft law”, such as the IBA Guidelines on Conflicts of Interest in International Arbitration...more

SEC Probes Retirement Advice

The SEC has been sending lengthy sweep examination letters to many registered investment advisers (RIAs) and broker-dealers, requesting a broad variety of information regarding retirement plan advice. A form of the...more

The Vagueness of the Best Interest Exemption

One of the interesting points of the new fiduciary rule is the best interest exemption that is intended to stop conflicts of interests especially for brokers who need to meet a new fiduciary standard. As long as a broker...more

Beware of informal relationships and conflicts

Conflicts of interest can be complicated and risky. They can be impediments to taking on new business and can also lead to high verdicts in legal malpractice cases. Virtually all attorneys know to run conflict checks for new...more

Utilities Contracts Regulations 2016 - The long expected implementation of the utilities procurement directive

On 17 March the long-awaited text of the Utilities Contracts Regulations 2016 was finally published and laid before Parliament....more

DOL Finalizes The ERISA Fiduciary Regulation -- What It Means For Your Business

In the face of controversy and following thousands of comments from market participants and lawmakers, the Department of Labor (“DOL”) has finalized sweeping changes to the definition of “fiduciary” under the Employee...more

New PTEs Impact Broker’s and Advisor’s Relationship with Retirement Plans and IRAs and Also Impact Plan Sponsors and Fiduciaries

While only the plan service providers, like brokers, are required to comply with the requirements of the revised and new prohibited transaction class exemptions contained in the package with the definition of...more

The ERISA Litigation Newsletter - April 2016

Editor's Overview - This month we feature three key developments. First, we review the U.S. Supreme Court's decision in Gobeille v. Liberty Mut. Ins. Co., 136 S. Ct. 936, 947 (2016) wherein the Supreme Court held that a...more

New Fiduciary Rule & Its Impact on Retirement Advice for Plan Sponsors

After much controversy and criticism, the Department of Labor (DOL) issued a final conflict of interest rule on April 6th (the “Final Rule”) which expands the definition of a fiduciary for an “employee benefit plan,” as...more

ABA Clarifies Referral Fees Between Lawyers in Formal Ethics Opinion 474

On April 21, 2016, the American Bar Association ("ABA") Standing Committee on Ethics and Professional Responsibility released Formal Opinion 474, addressing referral fees under Model Rule 1.5(e) and the impact of conflicts of...more

English Law Update: IBA Guidelines on Conflicts of Interest Criticised by English High Court in W Limited v M Sdn Bhd

The International Bar Association Guidelines on Conflicts of Interest in International Arbitration (the “IBA Guidelines”), first published in 2004 and subsequently updated in 2014, has been widely used as a best practice...more

Interim Report on Investment and Corporate Banking Market Study Published by Financial Conduct Authority

The Financial Conduct Authority published its interim report on the investment and corporate banking market study, which includes proposed remedies to the deficiencies identified. The FCA proposals include removing the...more

What You Need to Know About Mergers and Acquisitions Involving Government Contractors and Their Suppliers

Volume 4 – Key Issues in Government Contracts Due Diligence - This posting is the fourth in our ten-part series on unique issues that arise in connection with mergers and acquisitions involving government contractors and...more

Education or Advice: The DOL Final Definition of Fiduciary; Conflict of Interest Rule

Earlier this month, the Department of Labor finally released the long-awaited “Definition of Fiduciary; Conflict of Interest Rule.” This blog post is intended to do two things...more

The Wait Is Over – the DOL Announces New Rules Impacting Broker Regulation

The Department of Labor recently enacted rules that require financial advisers and brokers handling individual retirement and 401(k) accounts to act in the best interests of their clients. The much-anticipated rules have...more

Much-Anticipated Fiduciary Rule Presents New Challenges to Financial Services Industry

The U.S. Department of Labor released its long anticipated "fiduciary rule" on April 6, 2016. The rule requires brokers and financial advisers to put their clients' interests ahead of their own when recommending retirement...more

Employer Action Required Following Issuance of Final Rule

On April 8, 2016, the Department of Labor (DOL) released the much anticipated final regulation to broaden the scope of fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal...more

U.S. Department of Labor Finalizes Fiduciary Definition and Conflict of Interest Rule

On April 6, 2015, the U.S. Department of Labor (Department) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA)...more

A Brave New World for Investment Advisors Following Issuance of Final Rule

On April 8, 2016, the Department of Labor (DOL) released the much anticipated final regulation to broaden the scope of fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal...more

What Does the Department of Labor's New Fiduciary Rule Mean?

The Department of Labor (DOL) has announced its highly anticipated final fiduciary rule, which is intended to help ensure that Americans saving for retirement get investment advice that is in their best...more

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