News & Analysis as of

Employee Retirement Income Security Act (ERISA) Fiduciary Duty Financial Institutions

Troutman Pepper

DOL Proposed Rule: New Definition of "Investment Advice Fiduciary"

Troutman Pepper on

On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of...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

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 #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

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #61: Interim Compliance with PTE 2020-02: The Impartial Conduct Standards

The DOL “Fiduciary Rule,” FAQ 11: The Impartial Conduct Standards - 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...more

Proskauer - Employee Benefits & Executive...

District Court Denies Interlocutory Appeal for Novel Issue of “Hardwired” 401(k) Plans

A federal district court in Maryland recently declined to certify an interlocutory appeal to the Fourth Circuit on the issue of whether financial institutions can “hardwire” a preference for their own proprietary investment...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #56

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - 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...more

Faegre Drinker Biddle & Reath LLP

The DOL Issues FAQs on Prohibited Transaction Exemption 2020-02 Related to Fiduciary Investment Advice

On December 18, 2020, the Department of Labor (“DOL”) adopted PTE 2020-02 Improving Investment Advice for Workers & Retirees (“PTE 2020-02”), a new prohibited transaction exemption related to fiduciary investment advice...more

Kilpatrick

PTE 2020-02 for Investment Advice Fiduciaries: Overview and Checklist

Kilpatrick on

Overview: In general, the prohibited transaction rules (in ERISA and the Tax Code) (1) prohibit fiduciaries that provide investment advice to plans subject to Title I of ERISA (including 401(k) plans, pension plans and...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #44

The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 9) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #43

The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 8) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

Goodwin

SEC Adopts Broad Exempt Offering Reforms

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

Foley Hoag LLP

DOL Reinstates Five-Part-Test for Investment Advice Fiduciaries and Proposes New Exemption

Foley Hoag LLP on

After several years of uncertainty as to the appropriate standard for determining when an investment adviser will be deemed to be a fiduciary under ERISA, the U.S. Department of Labor (the “DOL”) has finally issued clear...more

Goodwin

U.S. Department of Labor Formalizes Reinstatement of “Five Part Test” For Fiduciary Investment Advice and Proposes Broad Principal...

Goodwin on

On June 29, 2020, the U.S. Department of Labor (the Department) formally reinstated its “five-part test” for determining what constitutes “investment advice” under ERISA and Section 4975 of the Internal Revenue Code (the...more

White & Case LLP

DOL proposes new investment advice PTE

White & Case LLP on

DOL Proposes New Prohibited Transaction Exemption Allowing for Broader Investment Advice Using "Impartial Conduct Standards" and Formally Reinstates 1975 Five-Part Test for Status as an Investment-Advice Fiduciary. ...more

Pillsbury Winthrop Shaw Pittman LLP

Registered Firms: Annual Compliance Obligations—What You Need To Know

This alert contains a summary of the primary annual and periodic compliance-related obligations that may apply to investment advisers registered with the Securities and Exchange Commission (the “SEC”) or with a particular...more

Carlton Fields

401K Not OK: ERISA Class Certified Under Rule 23(b)(1)(B)

Carlton Fields on

A New York district court granted certification in an ERISA class action brought by employees of Deutsche Bank alleging the individual fiduciaries of the company’s retirement plan engaged in self-dealing and mismanagement of...more

Carlton Fields

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #3 - Q&As on Annuity Sales Practices,...

Carlton Fields on

For the past two months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. We continue that discussion here. As in the past,...more

Burr & Forman

SEC Returns to the Fiduciary-Rule Arena

Burr & Forman on

On June 1, new SEC Chair Clayton returned the SEC to the arena in the policy debate surrounding the DOL’s Fiduciary Rule. Clayton’s public statement responded to a direct invitation for SEC participation by DOL Secretary...more

Neal, Gerber & Eisenberg LLP

President Trump Issues Memorandum on Fiduciary Rule Likely Leading to Delayed Compliance Date

On February 3, 2017, President Trump issued a memorandum directing the Department of Labor to prepare an updated economic and legal analysis of its “Fiduciary Rule.” Compliance with the Fiduciary Rule is generally required on...more

47 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide