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Faegre Drinker Biddle & Reath LLP

Compensation Requirements under Proposed Amendments to PTE 2020-02

Faegre Drinker Biddle & Reath LLP on

Broker-dealers and their registered representatives (advisors) providing services to private sector tax-qualified and ERISA-governed retirement plans, participants in those plans and IRA owners (collectively, Retirement...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 4.0 proposal

Eversheds Sutherland (US) LLP on

On October 31, 2023, following its announcement by President Biden, the US Department of Labor (DOL or Department) released its Proposal 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for...more

Skadden, Arps, Slate, Meagher & Flom LLP

DOL Proposes Amendments to Definition of Investment Advice Fiduciary

Skadden, Arps, Slate, Meagher & Flom LLP on

On October 31, 2023, the U.S. Department of Labor (DOL) released proposed amendments to the regulations under Section 3(21) of the Employee Retirement Income Security Act of 1974 (ERISA) to the definition of an “investment...more

Groom Law Group, Chartered

DOL Reopens Comment Period for Voluntary Fiduciary Correction Program Changes

Groom Law Group, Chartered on

The Department of Labor (“DOL”) recently announced (88 Fed. Reg. 9408, Feb. 14, 2023) that it will reopen the public comment period on proposed amendments to DOL’s Voluntary Fiduciary Correction Program (“VFCP”) and its...more

Faegre Drinker Biddle & Reath LLP

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

Faegre Drinker Biddle & Reath LLP on

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

Akin Gump Strauss Hauer & Feld LLP

DOL Issues Proposed Amendment to the QPAM Exemption

Akin Gump Strauss Hauer & Feld LLP on

On June 26, 2022, the U.S. Department of Labor (DOL) announced a proposed amendment to the prohibited transaction class exemption 84-14 (the “QPAM Exemption”). The QPAM Exemption is a broad-based class exemption relied upon...more

K&L Gates LLP

DOL Re-Proposes Rule to make Brokers, Others, ERISA Fiduciaries

K&L Gates LLP on

After almost five years of debate, the U.S. Department of Labor (“DOL”) is again trying to modify the ERISA definition of “fiduciary” as it relates to providing investment advice. On April 14, 2015, DOL re-proposed rules (the...more

Goodwin

Financial Services Weekly News Roundup - March 2015 #4

Goodwin on

Focus on Fiduciary Standards. In February the President’s Council of Economic Advisers (CEA) issued a Report on the Effects of Conflicted Investment Advice on Retirement Savings. In its conclusion, the Report estimated the...more

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