The U.S. Department of Labor (the “DOL”) on June 29, 2020 issued a release (the “Release”) proposing an important new initiative for retirement accounts (“Plans”) that are subject to the Employee Retirement Income Security...more
7/20/2020
/ 1975 Rule ,
Banks ,
Broker-Dealer ,
Brokers ,
Comment Period ,
Covered Transactions ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Five-Part Test ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
New Guidance ,
Prohibited Transactions ,
Proposed Rules ,
Public Comment ,
Regulation Best Interest ,
Retirement Plan ,
Rollover Equity
The U.S. Securities and Exchange Commission, on June 5, 2019, voted 3-1 in favor of adopting a package of rules, amendments and interpretations (Final Rules) intended to improve the retail investor experience and to provide...more
6/12/2019
/ Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Compliance Dates ,
Conflicts of Interest ,
Disclosure Requirements ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The U.S. Securities and Exchange Commission on April 18, 2018 published a package of proposed rules and interpretations intended to improve the retail investor experience and to provide greater clarity regarding customers’...more
7/11/2018
/ Best Interest Standard ,
Broker-Dealer ,
Comment Period ,
Conflicts of Interest ,
Disclosure Requirements ,
Due Diligence ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Investment Adviser ,
Investment Products ,
Proposed Rules ,
Regulatory Oversight ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Care
The U.S. Department of Labor’s amended “investment advice” fiduciary rule need no longer ask for whom the bell tolls. It tolls for thee. So - ding dong, the rule is dead....more
Fiduciary rule, we hardly knew ya. The death knell for the DOL’s amended rule appears to be sounding this week with the expected mandate from the Fifth Circuit effectuating the vacatur of the amended rule in the case of...more
5/9/2018
/ Amended Rules ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Chamber of Commerce ,
Collateralized Loan Obligations ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Investment Adviser ,
Retirement Plan ,
Risk Retention ,
Securities and Exchange Commission (SEC) ,
Vacated
The U.S. Court of Appeals for the Fifth Circuit on March 15, 2018 issued an opinion (Opinion) vacating the Department of Labor (DOL) fiduciary rule and related applicable exemptions. The DOL had promulgated the rule and...more
4/18/2018
/ Appeals ,
Best Interest Standard ,
Broker-Dealer ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Mutual Funds ,
Petition For Rehearing ,
Retirement Funds ,
Securities and Exchange Commission (SEC) ,
Vacated
It has been a long and winding road for the amended fiduciary regulation (the "Regulation") and the related new and amended exemptions (collectively, the "Rule") of the U.S. Department of Labor (the "DOL") under the Employee...more
3/26/2018
/ Appeals ,
Arbitrary and Capricious ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Investment Adviser ,
Lack of Authority ,
Retirement Funds ,
Secretary of Labor ,
Securities and Exchange Commission (SEC) ,
Trump Administration ,
Vacated
It has been a long and winding road for the amended fiduciary regulation (the "Regulation") of the U.S. Department of Labor (the "DOL") under the Employee Retirement Income Security Act of 1974 ("ERISA"). The highly...more
5/30/2017
/ Best Interest Contract Exemptions ,
Broker-Dealer ,
Delays ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement ,
Exemptions ,
Fiduciary Rule ,
Field Assistance Bulletins ,
Final Rules ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Obama Administration ,
Prohibited Transactions ,
Retirement Plan ,
Secretary of Labor ,
Trump Administration
The U.S. Department of Labor (DOL) issued in April 2016 the final version of its controversial “investment advice” regulation and various related exemptions (collectively, Final Rules), which are widely expected to have a...more
11/18/2016
/ Annuities ,
Asset Management ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Compensation Agreements ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Final Rules ,
Financial Services Industry ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Retirement Plan
The Department of Labor (DOL) has issued the final version of its “investment advice” regulation (Final Rule), which is widely expected to impact significantly the financial services industry, including registered investment...more
8/30/2016
/ 401k ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Distribution Rules ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Final Rules ,
Financial Adviser ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Mutual Funds ,
Registered Investment Companies (RICs)
This OnPoint focuses on the new and amended fiduciary investment advice regulations issued by the U.S. Department of Labor (DOL) and accompanying prohibited transaction exemptions (Final Rules), from the perspective of...more
8/30/2016
/ Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Adviser ,
Individual Retirement Account (IRA) ,
Policies and Procedures ,
Prohibited Transactions ,
Recordkeeping Requirements ,
Retirement Plan
For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of...more