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DOL QPAM Notification Deadline of September 15 Fast Approaching

The amendments to the QPAM Exemption include a September 15, 2024 notification deadline that will apply to many asset managers. This blog post includes a brief summary of the US Department of Labor’s (DOL’s) recent technical...more

DOL Removes Restrictions on Recommendations of Principal Traded Assets from Prohibited Transaction Exemption 2020-02

The US Department of Labor (DOL) amended Prohibited Transaction Exemption 2020-02 (PTE 2020-02) to provide relief for recommendations of all types of principal trades. This change, effective September 23, 2024 and subject to...more

Department of Labor Finalizes QPAM Exemption Amendment

The US Department of Labor (DOL) final amendment to Prohibited Transaction Class Exemption 84-14, the so-called QPAM Exemption that is commonly relied upon by investment managers for ERISA-governed employee benefit plans and...more

A Rose is a Rose: DOL’s New Fiduciary Proposal Is the Same as the Vacated 2016 Rule

While litigation (and other challenges) against the US Department of Labor’s (DOL’s) Retirement Security Rule is likely, its outcome is uncertain; therefore, impacted firms should consider approaches to implementation....more

US Department of Labor Proposes Extensive Changes to QPAM Exemption

The US Department of Labor (DOL) published in the July 27, 2022, Federal Register a number of proposed changes to Prohibited Transaction Class Exemption (PTE) 84-14, the so-called “QPAM Exemption.” Investment managers of US...more

Could Sponsoring a Pooled Employer Plan Grow Your Business?

While large financial institutions with significant expertise in retirement plan administration are widely expected to sponsor most pooled employer plans (PEPs), other firms (such as franchisors, gig economy employers, joint...more

Digesting the New Proposed Exception to the ‘One-Bad-Apple Rule’ for MEPs and PEPs

In late March 2022, the US Internal Revenue Service withdrew regulations proposed in 2019 and issued new proposed regulations under sections 413(c) and (e) of the Internal Revenue Code, which provide for an exception to...more

A Deeper Dive into the DOL’s First-of-Its-Kind Cybersecurity Guidance

As noted in our recent blog post, the US Department of Labor (DOL) has repeatedly signaled that it would be turning its focus toward the intersection of cybersecurity practices and ERISA’s fiduciary duties. ...more

ERISA Fiduciaries Under a Biden Labor Department: What Is on the Horizon?

President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more

Year-End Stimulus Bill Includes ERISA Disclosure Requirements for Certain Group Health Plan Service Providers

Since 2012, US Department of Labor (DOL) regulations under ERISA Section 408(b)(2)—a statutory exemption from the ERISA prohibited transaction provisions—have required certain service providers to employer-sponsored...more

DOL’s Final ERISA Proxy Voting Rule Largely Changed to Principles-based Approach

The US Department of Labor (DOL) has released its final rule on the application of ERISA fiduciary duties—specifically the duties of prudence and loyalty—to proxy voting and the exercise of shareholder rights. It takes effect...more

DOL Finalizes ‘Financial Factors’ ERISA Regulation

The US Department of Labor’s final ERISA regulation generally follows its proposal but without the focus on environmental, social, and governance investing. ...more

DOL Proposes Rules on Pooled Plan Provider Registration Process

Like many of our clients, we have been anxiously awaiting guidance from regulators on pooled employer plans, which may enter the retirement plan marketplace as soon as January 1, 2021. ...more

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

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

Recent Developments in ERISA Plan Investment Regulation

The US Department of Labor has issued guidance on private equity in 401(k) plan designated investment alternatives and a proposed regulation on environmental, social, and governance investing....more

Stay Tuned – DOL to Issue RFI on Pooled Employer Plans

While much of the attention by regulators has been focused on the coronavirus (COVID-19) response and CARES Act/FFCRA guidance, they have not forgotten about the SECURE Act’s introduction of pooled employer plans (PEPs)...more

In Focus: SEC Form CRS Roadmap – How to Navigate Its Operational Challenges

To help retail investors better understand the services, fees, costs, conflicts of interest, and required standards of conduct that apply to relationships with broker-dealers (Broker-Dealers), federally registered investment...more

Plan Distribution and Rollover Guidance After Chamber of Commerce v. US Department of Labor - An Analysis of the Deseret Letter

This paper examines how a plan service provider (such as a trustee, record-keeper, broker-dealer, or investment adviser) can offer participant-level distribution and rollover guidance under the US Department of Labor’s...more

Fifth Circuit Vacates DOL Fiduciary Rule ‘In Toto’

What does this mean, and what should financial institutions do now? In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the US Department of Labor’s (DOL) fiduciary rule, deciding in favor of a...more

It’s Official! DOL Finalizes Delay

The Fiduciary Rule transition period is extended until mid-2019, with financial institutions having flexibility in complying with the impartial conduct standards during this period....more

DOL Issues Proposed Delay of Fiduciary Rule Compliance Date and Enforcement Relief

The proposal would extend the transition period to July 1, 2019. The US Department of Labor (DOL) has proposed to delay the applicability of additional conditions of the Best Interest Contract (BIC) exemption, Principal...more

DOL Issues Additional Fiduciary Rule Transition FAQs

The Department of Labor ties up a few loose ends with FAQS regarding the fiduciary rule....more

DOL to Propose Extension of Fiduciary Rule Transition Period

The proposal is expected to delay additional conditions of exemptions from January 1, 2018 to July 1, 2019, but the ultimate length of delay will not be clear until the DOL publishes a final rule....more

DOL Fiduciary Rule: Ready, Set, Go! But How Far?

The DOL has issued transition FAQs and a nonenforcement policy—meanwhile, here comes the SEC....more

DOL Fiduciary Rule—Slowed Down, but Not Out

The rule is delayed by 60 days, with core elements taking effect June 9 as the DOL conducts a study. The Department of Labor (DOL) has issued in final form its eagerly awaited delay of changes to the fiduciary investment...more

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