The Department of Labor (the “DOL”) on July 27, 2022, on its own initiative, proposed changes to Prohibited Transaction Class Exemption (“PTCE”) 84-14, commonly referred to as the “QPAM Exemption” (the “Proposal”). In general...more
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 case is particularly noteworthy in that it marks the first time of which we are aware that a judicial decision (even an interlocutory one) has expressly raised the issue of whether the sponsors’ debt characterization of...more
4/4/2019
/ Asset-Backed Securities ,
Damages ,
Debt-Equity ,
Employee Retirement Income Security Act (ERISA) ,
Excise Tax ,
Investment-Grade Notes ,
Investors ,
Prohibited Transactions ,
Retirement Funds ,
Securitization Vehicles ,
Sub-Prime Loans ,
Trusts
The U.S. Department of Labor on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions (collectively, the “Final Rule”), a highly-anticipated...more
The U.S. Department of Labor (the “DOL”) published in the Federal Register on July 6, 2017 a Request for Information (the “RFI”) regarding the final regulation defining who is a “fiduciary” of an employee benefit plan as a...more
7/8/2017
/ Best Interest Contract Exemptions ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
IRS ,
Mutual Funds ,
Presidential Memorandum ,
Prohibited Transactions ,
Public Comment ,
Request For Information ,
Rollbacks ,
Securities and Exchange Commission (SEC) ,
Trump Administration
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) published a final rule on April 7, 2017 (Final Extension),1 delaying for 60 days the applicability date of the new rule defining who is a fiduciary under ERISA (Fiduciary Rule)2 and related...more
The U.S. Department of Labor (the “DOL”) released its first set of FAQs (the “FAQs”) regarding the DOL’s recently finalized “investment advice” regulation and various related exemptions (collectively, the “Final Rules”) on...more
11/8/2016
/ Best Interest Contract Exemptions ,
Compensation Agreements ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Exceptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Final Rules ,
Insurance Industry ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Prohibited Transactions
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