In July, two Federal District Courts in Texas issued orders staying the effective date of the Department of Labor’s (DOL) fiduciary rule (Fiduciary Rule)....more
On 31 October 2023, the Department of Labor (DOL) unveiled its proposed “Retirement Security Rule” (Proposed Rule) redefining who is an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA)....more
The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) recently finalized a series of rules viewed as key Trump administration priorities. The rules include: Prohibited Transaction Exemption 2020-02,...more
As we wait to see if the Department of Labor (DOL) will appeal the 5th Circuit’s mid-March ruling that vacated the DOL’s fiduciary rule, the Securities and Exchange Commission (SEC) is also making news on the fiduciary front....more
The Department of Labor’s (“DOL”) fiduciary rule (“DOL Fiduciary Rule”) became applicable June 9, 2017, after an intense multiyear regulatory saga involving multiple governmental actors and virtually every mutual fund company...more
According to the Investment Company Institute, at the end of the first quarter of 2017, assets in IRAs totaled approximately $8.2 trillion, assets in defined contribution plans totaled approximately $7.3 trillion, and assets...more
According to the Investment Company Institute, at the end of the first quarter of 2017, assets in IRAs and defined contribution plans totalled $8.2 trillion and $7.3 trillion, respectively. Under the Department of Labor’s...more
On Thursday, August 31, 2017, the Department of Labor (DOL) published its proposal to extend the “Transition Period” for the Best Interest Contract (BIC) Exemption and Principal Transaction Exemption from its currently...more
The DOL’s fiduciary rule re-defines when a party is acting as a “fiduciary” under ERISA as a result of providing investment advice to a retirement plan and has the effect of greatly expanding the types of services that are...more
On August 9, the Department of Labor (“DOL”) submitted to the Office of Management and Budget (“OMB”) proposed amendments to the Best Interest Contract Exemption and other new and amended prohibited transaction exemptions...more
Three items of key importance with respect to the Department of Labor’s (“DOL”) rule changing the definition of the term “fiduciary” (the “Fiduciary Rule”) happened on May 22, 2017:
1. Secretary of Labor Alexander Acosta...more
Today, the Department of Labor (“DOL”) published its final rule delaying the applicability dates of its rule changing the definition of the term “fiduciary” (the “Fiduciary Rule”) and related prohibited transactions...more
On March 2, 2017, the Department of Labor’s (“DOL”) proposal to delay its change to the definition of the term “fiduciary” (the “Fiduciary Rule”) was published in the Federal Register. Against expectations, the proposed delay...more
On an almost daily basis, there are developments regarding the status of the Department of Labor’s (“DOL”) fiduciary rule creating a climate of uncertainty. Stakeholders, such as financial institutions that serve retirement...more
The April 10, 2017, compliance date for the United Stated Department of Labor’s (“DOL”) new fiduciary rule (the “Fiduciary Rule”) is approaching quickly; even while the Fiduciary Rule’s fate under the new Trump administration...more