News & Analysis as of

Temporary Guidance for Fiduciary Rule Compliance

On Friday, March 10, 2017, the Department of Labor (DOL) issued a field assistance bulletin (FAB) adopting a temporary enforcement policy regarding compliance with the ERISA Fiduciary Rule. ...more

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

As we previously reported in our February 16, 2017 blog post, “A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule,” the DOL anticipated delaying the effective date of the fiduciary rule by 180 days. ...more

DOL Temporarily Forbears Enforcement of Fiduciary Duty Rule

The Department of Labor’s “fiduciary duty” Rule continues to get more bollixed up. DOL announced a temporary enforcement policy that will give a “free pass” for any violations (a) in the gap between effective date and delay,...more

ERISA's Fiduciary Rule at the Crossroads - DOL Puts the Brakes on Enforcement

At the end of last week, on March 10, 2017, the U.S. Department of Labor (the "DOL") issued Field Assistance Bulletin 2017-01 (the "FAB"). The FAB relates to the DOL's proposal, which was published in the Federal Register on...more

Fiduciary Rule on Hold - DOL proposes to delay application of Fiduciary rule. ERISA plan fiduciaries and service providers...

On March 2, 2017, the Department of Labor (DOL) proposed to delay the applicability date of the “Fiduciary” rule by 60 days. The DOL issued the proposal in response to the February 3, 2017, Presidential Memorandum...more

DOL Proposes to Delay Fiduciary Advice Rule, Requests Comments on Delay and on Costs, Benefits of the Rule

On March 2, the US Department of Labor (DOL) published a proposed extension (the "Proposal") of the effective date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule"). The Rule...more

Proposed Delay of the DOL Fiduciary Rule - What Should Financial Institutions Do?

On March 2, 2017, the Department of Labor’s (“DOL”) proposal to delay its change to the definition of the term “fiduciary” (the “Fiduciary Rule”) was published in the Federal Register. Against expectations, the proposed delay...more

DOL Proposes 60-day Delay of Fiduciary Duty Rule

On March 1, 2017, the U.S. Department of Labor (DOL) announced a proposed 60-day extension of the final rule commonly known as the “Fiduciary Duty Rule,” which if approved would delay the effective date from April 10, 2017 to...more

Fiduciary Rule—Not Delayed Yet

60-day delay proposed, comments requested on president’s study. The US Department of Labor (DOL) has proposed to delay the applicability date of the fiduciary rule (and related prohibited transaction exemptions) by 60...more

DOL Proposes 60-Day Delay of Fiduciary Rule in Response to White House Directive

The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and...more

DOL Fiduciary Rule: Proposed Delay to the Applicability Date

The DOL’s proposal comes in response to the Presidential Memorandum issued on February 3, 2017, regarding the Fiduciary Rule. The Presidential Memorandum directed the DOL to conduct an updated impact assessment on whether the...more

DOL Fiduciary Rule – A Proposed Delay and Uncertain Future

We’ve previously written about the Department of Labor’s new fiduciary rule, which expands the definition of who is considered a fiduciary under the Employee Retirement Income Security Act, as amended (“ERISA”) and the...more

DOL Proposes to Delay Fiduciary and Beryllium Rules

In response to recent presidential directives, the U.S. Department of Labor is taking steps to delay the applicability and effective dates of two rules. First, the DOL's Employee Benefits Security Administration (EBSA) has...more

USDOL Prevails in Kansas in Another Decision on Fiduciary Rule

On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more

President Trump Issues Presidential Memorandum Mandating Reconsideration of the Fiduciary Rule

President Trump issued a Presidential Memorandum requiring the US Department of Labor to reconsider its proposed “fiduciary rule,” which subjects many of the investment recommendations from financial advisors to retail...more

DOL Fiduciary Rule – What’s Next?

On an almost daily basis, there are developments regarding the status of the Department of Labor’s (“DOL”) fiduciary rule creating a climate of uncertainty. Stakeholders, such as financial institutions that serve retirement...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

New Disability Claims Procedures Rules Applicable to ERISA Plans

The U.S. Department of Labor has issued new regulations affecting how disability claims are handled under ERISA plans that provide disability benefits or base receipt of benefits on the existence of a disability. While most...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

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

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

President Trump Calls for a Review of DOL’s Fiduciary Rule

On February 3, 2017, President Trump signed a presidential memorandum (Memorandum) ordering the U.S. Department of Labor (DOL) to review its conflict of interest rule defining the term “fiduciary” for retirement investment...more

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