News & Analysis as of

Retirement Plan Fiduciary Duty Conflicts of Interest

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 4.0 proposal

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

Verrill

The Department of Labor Proposes Its New Fiduciary Rule

Verrill on

On October 31, 2023, the Department of Labor published a new proposed regulation (the “Proposed Rule”) defining “investment advice” for purposes of determining when someone advising an ERISA plan or participant or an IRA...more

Faegre Drinker Biddle & Reath LLP

Managing IRAs: Charging Different Fees for Different Investments

Registered investment advisers, including dual registrant broker-dealers (collectively “advisers”) who provide discretionary investment management services to individual retirement accounts (IRAs), are fiduciaries under the...more

Goodwin

SEC Staff Provides Guidance on Broker-Dealer and Investment Adviser Standards of Conduct For Account and Rollover Recommendations...

Goodwin on

U.S. Securities and Exchange Commission staff recently published a bulletin reiterating the standards of conduct applicable to broker-dealers and investment advisers when making account recommendations to retail investors....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

Kilpatrick

DOL Extends Non-Enforcement Period for PTE for Investment Advice Fiduciaries

Kilpatrick on

On October 25, 2021, the Department of Labor (“DOL”) released Field Assistance Bulletin 2021-02 (FAB 2021-02), which extends its non-enforcement policies regarding certain rules applicable to fiduciaries who provide...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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Potential Conflicts shouldn’t be just dismissed

As a retirement plan provider, you need to understand where there is a conflict of interest if someone you know hires you. Whether it’s a family member, golf club, church, or bank where you serve as an advisory board member,...more

Dechert LLP

Will ERISA’s Fiduciary Exemption “Rollover” to the New Administration? DOL Issues Year-End Package Relating to “Investment...

Dechert LLP on

Overview The U.S. Department of Labor (the “DOL”) on December 15, 2020 issued a release (the “Release”) finalizing Prohibited Transaction Class Exemption (“PTCE”) 2020-2 (the “Final Exemption”) for retirement accounts...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 3.0 - Exemption and investment advice fiduciary definition

On December 18, 2020, the US Department of Labor (DOL or Department) adopted with limited changes its Proposal 3.0 regarding ERISA fiduciary investment advice, focused on the fiduciary status of rollover advice and a “best...more

Morgan Lewis

DOL Take Three: ‘Five-Part Test’ Officially Reinstated; Proposed Investment Advice Exemption

Morgan Lewis on

Just as broker-dealers and investment advisers finalized their initial implementation plans for the US Securities and Exchange Commission (SEC) Form CRS and Regulation Best Interest (Reg. BI), the US Department of Labor (DOL)...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

No one will be happy with the Fiduciary Rule

I used to joke that no matter what I did, I could never make my parents happy. The same can be said with any attempt to change the fiduciary rule....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

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – DOL: What’s ahead

Over the next year, the Department of Labor (DOL) will likely be issuing guidance in a number of areas that could impact asset managers and financial services companies. In this Bottom Line videocast, Carol McClarnon and...more

Seyfarth Shaw LLP

SEC Imposes New Standard for Broker-Dealer Investment Advice

Seyfarth Shaw LLP on

On June 5, 2019, the Securities and Exchange Commission (“SEC”) voted to adopt “Regulation Best Interest,” which is intended to increase the duties a broker-dealer owes to its clients. While SEC-registered investment advisors...more

Kramer Levin Naftalis & Frankel LLP

SEC Adopts Regulation Best Interest and Related Rules and Interpretations

On June 5, 2019, the SEC adopted a package of rules and interpretations (the Adopted Rules) to clarify and further articulate the relationship between retail investors and their broker-dealers or investment advisers....more

Lathrop GPM

Top 10 Tips for the Professional Fiduciary to Avoid Litigation

Lathrop GPM on

Communication is Key. This may seem obvious, but good communication can go a long way in preventing a dispute. This includes timely responding to emails and voice messages...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

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

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

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

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