News & Analysis as of

Fiduciary Duty Best Interest Contract Exemptions

Faegre Drinker Biddle & Reath LLP

The DOL’s Regulatory Agenda and a New Fiduciary Rule

The DOL has not appealed the decision in the Florida Federal District Court that vacated its fiduciary “re-interpretation.” That re-interpretation, in effect, said that ongoing investment advice to a rollover IRA could be...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

Groom Law Group, Chartered

DOL Proposes a New Fiduciary Investment Advice Exemption

On June 29, the U.S. Department of Labor (“DOL”) proposed a new exemption from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) in connection with the...more

Foley & Lardner LLP

U.S. Department of Labor Issues Third Installment of Q&As on Families First Coronavirus Response Act

Foley & Lardner LLP on

The U.S. Department of Labor’s Wage and Hour Division (“DOL”) issued a third installment of new Q&As regarding the Families First Coronavirus Response Act (“the Act”) on March 28, 2020. Foley’s Coronavirus Task Force...more

Dechert LLP

Arbitrable But Not Capricious: Ninth Circuit Upholds Arbitration Requirement Under ERISA

Dechert LLP on

In Dorman v. Charles Schwab Corp., the U.S. Court of Appeals for the Ninth Circuit held on August 20, 2019 that claims under the Employee Retirement Income Security Act of 1974 (“ERISA”) can generally be subject to mandatory...more

Womble Bond Dickinson

Final Chapter for the DOL Fiduciary Rule

Womble Bond Dickinson on

It’s official. The Department of Labor’s controversial, Obama-era Fiduciary Rule is dead and gone. On June 21, the United States Court of Appeals for the Fifth Circuit issued its mandate certifying its March 15 split decision...more

Carlton Fields

SEC Regulation Best Interest: Charting a Course for Securities and Annuity Sales

Carlton Fields on

In June, we circulated our fifth article on the continuing saga regarding the standard of conduct for sales of securities and annuities — and the efforts of federal and state regulators to impose new conditions on the...more

Pillsbury Winthrop Shaw Pittman LLP

The DOL’s Fiduciary Rule Is Dead! Now What

The Fifth Circuit Court of Appeals’ rejection of the DOL’s Fiduciary rule reintroduces the 1975 five-factor fiduciary test and creates uncertainty for plan sponsors, plan fiduciaries and investment advisors. After years of...more

Proskauer - Employee Benefits & Executive...

As DOL Fiduciary Rule is Officially Vacated, Focus Shifts to SEC

After nearly a decade in the making, the Department of Labor’s fiduciary rule appears to be officially dead. On June 21st, the U.S. Court of Appeals for the Fifth Circuit issued its mandate that finalized its earlier...more

Seyfarth Shaw LLP

DOL Fiduciary Rule Officially Dead

Seyfarth Shaw LLP on

For several years now we’ve been keeping you updated on the long and winding road of the Department of Labor’s (“DOL”) Fiduciary Rule....more

Skadden, Arps, Slate, Meagher & Flom LLP

Fifth Circuit Mandate Officially Ends DOL Fiduciary Rule

On June 21, 2018, the U.S. Court of Appeals for the Fifth Circuit issued its order, or mandate, putting into effect its earlier decision to vacate the Department of Labor’s (DOL) conflict of interest regulation (the fiduciary...more

Robinson+Cole ERISA Claim Defense Blog

Fifth Circuit Reaffirms Decision to Vacate Fiduciary Rule

The Department of Labor’s (“DOL”) conflict of interest rule, informally coined the “fiduciary rule,” sparked much debate when the regulations were proposed in 2015, and finalized in 2016, to expand the definition of fiduciary...more

Burr & Forman

Is There Anything Left of the Fiduciary Rule?

Burr & Forman on

The issue over the Fiduciary Rule, and whether it will be implemented, revised, vacated, forgotten, etc. has been ongoing. In March 2018, the Fifth Circuit Court of Appeals ruled in favor of several business groups who...more

Carlton Fields

SEC Regulation Best Interest: Charting A Course For Securities And Annuity Sales, Avoiding Collision And Potential Regulatory And...

Carlton Fields on

During the past two years, we have written about potential litigation arising under the Department of Labor’s, first proposed, then adopted fiduciary rule. In the first of those articles, when the Rule was initially proposed,...more

A&O Shearman

US Securities and Exchange Commission Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers’ Fiduciary...

A&O Shearman on

The U.S. Securities and Exchange Commission published three proposed rules with request for public comment that would seek to enhance and clarify the standards of care applicable to broker-dealers and investment advisers when...more

Seyfarth Shaw LLP

DOL Issues Temporary Enforcement Policy For Fiduciary Advice Rule

Seyfarth Shaw LLP on

On May 7, 2018, the Department of Labor (the “DOL”) issued a temporary non-enforcement policy regarding its investment advice fiduciary regulation (the “Fiduciary Rule”) in Field Assistance Bulletin 2018-02. This guidance was...more

Carlton Fields

Enforcement of DOL’s New Best Interest Contract Exemption’s Anti-Arbitration Condition is Enjoined

Carlton Fields on

A number of lawsuits have been brought challenging aspects of the United States Department of Labor’s "fiduciary rule," which expanded the definition of "fiduciary" of an employee benefit plan or individual retirement account...more

Mintz - Employment Viewpoints

Fifth Circuit Court of Appeals Invalidates the 2016 Final Department of Labor Fiduciary Rule and Related Prohibited Transaction...

What’s a financial advisor to do? On March 15, 2018, the Fifth Circuit Court of Appeals in Chamber of Commerce of the U.S. v. U.S. Dep’t. of Labor, No. 17-10238, 2018 U.S. App. LEXIS 6472 (5th Cir. Mar. 15, 2018) vacated –...more

Pillsbury Winthrop Shaw Pittman LLP

The Future of the ERISA Fiduciary Rule

The future of the Department of Labor’s Fiduciary rule is in limbo following the Fifth Circuit’s decision striking it down “in toto.” The future of the Fiduciary rule is uncertain, particularly in light of the Fifth...more

Carlton Fields

Fifth Circuit Vacates DOL Fiduciary Rule

Carlton Fields on

On March 15, the Fifth Circuit, in Chamber of Commerce, et. al. v. United States Department of Labor, a 46-page opinion, reversed the district court’s ruling upholding the Department of Labor (DOL) fiduciary rule and vacated...more

Dechert LLP

Activist States Move Forward with Fiduciary Standards for Broker-Dealers and Investment Advisers

Dechert LLP on

Although the U.S. Securities and Exchange Commission (SEC) staff is currently drafting proposed rules relating to the standard of conduct for broker-dealers and investment advisers, several states have decided not to wait for...more

Robinson+Cole ERISA Claim Defense Blog

The Fate of the Department of Labor Fiduciary Rule Could Be Uncertain

On May 22, 2017, Department of Labor (“DOL”) Secretary Alexander Acosta announced in an op-ed in the Wall Street Journal that the DOL would not issue another delay of the “fiduciary rule,” and that it was set to generally...more

Jones Day

Fifth Circuit Vacates ERISA "Fiduciary Rule": Future Uncertain

Jones Day on

On March 15, 2018, in a 2–1 decision, the Fifth Circuit vacated all parts of the Department of Labor's so-called "Fiduciary Rule" in Chamber of Commerce, et. al. v. Acosta, No. 17-10238 (5th Cir. March 15, 2018). The Labor...more

Seyfarth Shaw LLP

DOL Fiduciary Advice Rule Vacated By The Fifth Circuit

Seyfarth Shaw LLP on

On March 15, 2018, in Chamber of Commerce of the U.S.A., et al. v. U.S. Department of Labor, the Court of Appeals for the Fifth Circuit invalidated the Department of Labor’s (“DOL”) new investment advice fiduciary regulation...more

Winstead PC

Fifth Circuit Decision Results in Surprising Win for Providers of Financial Services

Winstead PC on

Just as we are tuning in for March Madness, it seems that the Department of Labor (Department) has been dealt the latest upset in the fight to implement its final rule, which regulates certain activities of financial service...more

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