News & Analysis as of

Employee Retirement Income Security Act (ERISA) Fiduciary Duty Broker-Dealer

Faegre Drinker Biddle & Reath LLP

Rollover Recommendations: PTE 2020-02 Compliance Considerations Following the DOL Fiduciary Rule Stay

The effective date of the DOL’s new expansive fiduciary rule and the amendments to Prohibited Transaction Exemption (PTE) 2020-02 has been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE....more

Warner Norcross + Judd

Here We Go Again! Fiduciary Rule Effective Date Delayed

Two U.S. District Courts in Texas issued stays on July 25, 2024, and July 26, 2024, respectively, delaying indefinitely the effective date of the final fiduciary regulations and related prohibited transaction exemptions...more

SEC Compliance Consultants, Inc. (SEC³)

What Advisers Need to Know Now About Giving Rollover Advice after September 23, 2024

This article was originally published on Kitces.com, on May 15, 2024, and is available at at DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now about Giving Rollover Advice After September...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (31):The DOL’s Final Fiduciary Definition Compared to the Proposal

On April 25, 2024, the Department of Labor published its final regulation on defining fiduciary status for investment advice, and the related exemptions, in the Federal Register. The exemptions provide relief from prohibited...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (29): The Final Rules Have Arrived

On April 25, 2024, the Department of Labor published its final regulation on fiduciary advice, and the related exemptions, in the Federal Register. The regulation defines fiduciary investment advice and the exemptions provide...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (24): The DOL Fiduciary Rule Requires a Recommendation. What is That?

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (21): Requirement to Correct Failures with PTE Conditions (Part 3)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (15): Reasonable Costs and Reasonable Compensation

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (14): The Timeline for the Final Regulation and Exemptions

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (13): Advisors and Agents with Restricted Investment Menus (Part 2)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (11): What is An Investment? (Part 3)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Foley Hoag LLP

DOL Issues Proposed Amendment to Investment Advice Fiduciary Regulation

Foley Hoag LLP on

On October 31, 2023, the Department of Labor (“DOL”) issued a much-anticipated proposal to amend its 1975 “investment advice fiduciary” regulation, which defines when a person who provides investment advice for a fee or other...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (2): The Impact

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Faegre Drinker Biddle & Reath LLP

Florida Court Decision’s Impact on Rollover Advice

The Department of Labor (the DOL) expanded its interpretation of fiduciary advice in its guidance issued in connection with Prohibited Transaction Exemption (PTE) 2020-02. As a result, many more broker-dealers and registered...more

Faegre Drinker Biddle & Reath LLP

The DOL’s New Fiduciary Rule: What We Can Expect

The current DOL fiduciary rule says that a broker-dealer and its registered representatives (advisors) are fiduciaries to a plan under ERISA if a functional 5-part test is satisfied. This same 5-part test applies to...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #100: Liabilities and Opportunities

The DOL’s expanded definition of fiduciary advice is explained in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors, that is, retirement plans, participants (including...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #99: The PTE 2020-02 Requirement for An Annual Retrospective Review

The DOL’s expanded definition of fiduciary advice is explained in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including rollovers),...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #97: The SEC Requirements for Rollover Recommendations

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including rollovers),...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #96: Annuity Recommendations, PTE 84-24, and Fiduciary Misunderstandings

The DOL’s expanded interpretation of fiduciary advice is described in the preamble to Prohibited Transaction Exemption (PTE) 2020-02. The expanded interpretation applies to all rollover recommendations, including...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #95: The Four Effective Dates for PTE 2020-02

The DOL’s expanded interpretation of fiduciary advice is described in the preamble to Prohibited Transaction Exemption (PTE) 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #94: Maintenance of Documentation for Compliance with PTE 2020-02

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including...more

Faegre Drinker Biddle & Reath LLP

PTE 2020-02 Compliance: Avoiding Five Common Mistakes

It may be a New Year, but 2022 is going to seem very familiar to Broker-Dealers (BD) and their Registered Representatives who advise retirement plans and IRAs: they are going to be spending a lot of time working to comply...more

Faegre Drinker Biddle & Reath LLP

SLOW Your Roll: DOL Temporarily Halts Enforcement of Compliance with PTE and ERISA Fiduciary Obligations for Rollover Advice

Benjamin Franklin once said “don’t put off until tomorrow what you can do today.” While that is always prudent advice, the Department of Labor (DOL) believes it’s best to grant an extension to investment advisors and...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #72: Compliance with PTE 2020-02: Factors to Evaluate for an IRA-to-IRA Rollover...

This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #71: Compliance with PTE 2020-02: Further Extension of Non-Enforcement Policy

This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This article looks at the Department of Labor’s recent extension of its non-enforcement policy regarding the conditions of Prohibited...more

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