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DOL's Fiduciary Rule: The Latest Developments

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

QPAM Exemption Amendment—Key Takeaways and Action Steps for Advisors and Other Stakeholders

Executive Summary - Many investment advisers and other financial institutions rely on the Department of Labor’s QPAM Exemption when providing services to, and transacting with, employer-sponsored retirement plans, individual...more

Here We Go Again: DOL Proposes New Fiduciary Rule

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

ESG Investing and Proxy Voting: DOL's New Final Rule

Executive Summary: The Department of Labor released a final rule that addresses fiduciary duties when (1) considering ESG factors in selecting investments, and (2) considering whether and how to vote proxies, for plans...more

Investment Managers Beware: DOL Proposes Major Changes to QPAM Exemption

Executive Summary - The Department of Labor’s proposed amendment to the QPAM Exemption would impose stricter conditions and make it more difficult for managers to avail themselves of one of the most commonly utilized ERISA...more

DOL Release Warns About Cryptocurrency in 401(k) Plans

The Department of Labor (DOL) recently issued a Release that warns about cryptocurrency use in 401(k) plans. The Release raises a number of concerns, including troubling implications for fiduciary duties with respect to...more

DOL Sets New Tone on ESG Investing and Proxy Voting With Recently Proposed Rule

On 13 October 2021, the Department of Labor (DOL) proposed amendments (the Proposed Rule) to its investment duties regulation under the Employee Retirement Income Security Act of 1974, as amended (ERISA), to clarify that...more

Trump Era DOL Rules - Will They Remain Under a Biden Administration?

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

DOL Issues Final "ESG" Rule; Focuses on "Pecuniary" Factors

On 30 October 2020, the Department of Labor (DOL) released its final rule “Financial Factors in Selecting Plan Investments” (Final Rule). Although the proposed rule aimed to regulate environmental, social, and corporate...more

DOL Proposes New Rule on Proxy Voting Duties – Potential Implications for Investment Managers and Other ERISA Fiduciaries

On 4 September 2020, the U.S. Department of Labor (DOL) published a new proposed rule on “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights” (the Proposal)....more

DOL Issues Proposed Rule on ESG Investing for ERISA Plans Part 2: Implications for Plan Sponsors and Investment Managers

This alert is the second in a series. In our first alert, “History and State of Play,” our global financial services policy team described the status of the Department of Labor’s (DOL) proposed rule on socially responsible...more

Private Equity in 401(k) Plans – A Trillion Dollar Opportunity?

Private equity sponsors and other managers of private market investments, including private real estate, infrastructure, and credit (together, Private Market Investments), have long cast their eyes upon the 401(k) plan...more

6/18/2020  /  401k , Investment , Private Equity

Regulatory Updates: 2019 New York Investment Management Conference

TOPICS - - Distribution Through Consulting/OCIO Firms - Socially Responsible/ESG Investing - Multiple Employer Plans (MEPs) ...more

Fiduciary Standard Reform - The SEC Enters the Ring

An investment professional who provides advice to an investor who has a 401(k), an annuity, and a brokerage account is subject to regulation by no less than five regulators: the Securities and Exchange Commission...more

Fiduciary Rule Reform – SEC Developments

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

Past, Present and Future of the DOL Fiduciary Rule

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

The Department of Labor’s Fiduciary Rule – An Overview of the Marketing and Sales Implications for Investment Managers

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

The Department of Labor’s Fiduciary Rule – Three Issues to Consider if you Advise IRAs

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

DOL Officially Proposes 18-Month Extension of Fiduciary Rule Exemptions’ Transition Period

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 Department of Labor’s Fiduciary Rule – Three Issues for Retirement Plan Sponsors

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

DOL Proposes 18-Month Extension of Fiduciary Rule's Transition Period

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

Fiduciary Rule – No Further Delays

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

Fiduciary Rule Delayed - Important Compliance Takeaways

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

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