News & Analysis as of

Best Interest Contract Exemptions

Recent Developments Toward A Fiduciary Standard For Brokers

by Womble Bond Dickinson on

Much has happened since we last reported on the Department of Labor’s Fiduciary Rule. The compliance deadline was extended 18 months to July 1, 2019. A federal appellate court vacated the Fiduciary Rule in its entirety. The...more

US Securities and Exchange Commission Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers’ Fiduciary...

by Shearman & Sterling LLP on

The U.S. Securities and Exchange Commission published three proposed rules with request for public comment that would seek to enhance and clarify the standards of care applicable to broker-dealers and investment advisers when...more

SEC Proposes Fiduciary Rule for Broker-Dealers

On April 18, concurrently with its publication for comment of a proposed set of enhanced investment adviser regulations, the Securities and Exchange Commission (SEC) published a separate proposal related to the conduct...more

DOL Issues Field Assistance Bulletin in Response to the Fifth Circuit's Rejection of the DOL Fiduciary Rule

On March 15, 2018, the United States Court of Appeals for the Fifth Circuit struck down the Department of Labor’s (DOL) fiduciary duty rule in a 2-1 decision. While the court has denied motions filed by, among others, the...more

Ding Dong - The Amended Fiduciary Rule Is (Almost) Dead

by Dechert LLP on

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

New DOL FAB Further Delays Enforcement of Fiduciary Rule, But Does Not Undo The Rule In Its Entirety

On May 7, 2018, the DOL issued a Field Assistance Bulletin (“FAB”) addressing the Department’s enforcement policy on the fiduciary rule that was recently vacated by the Fifth Circuit. Although the DOL has elected not to...more

DOL Issues Temporary Enforcement Policy For Fiduciary Advice Rule

by Seyfarth Shaw LLP on

On May 7, 2018, the Department of Labor (the “DOL”) issued a temporary non-enforcement policy regarding its investment advice fiduciary regulation (the “Fiduciary Rule”) in Field Assistance Bulletin 2018-02. This guidance was...more

Department of Labor Announces New Enforcement Policy Following Fifth Circuit’s Fiduciary Rule Decision

by Ropes & Gray LLP on

On May 7, 2018, the U.S. Department of Labor (the “DOL”) announced a new temporary enforcement policy in anticipation of the Fifth Circuit Court of Appeals issuing a mandate to vacate the DOL’s fiduciary rule. Field...more

Expect Focus - Life Insurance, Volume I, March 2018

by Carlton Fields on

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Enforcement of DOL’s New Best Interest Contract Exemption’s Anti-Arbitration Condition is Enjoined

by Carlton Fields on

A number of lawsuits have been brought challenging aspects of the United States Department of Labor’s "fiduciary rule," which expanded the definition of "fiduciary" of an employee benefit plan or individual retirement account...more

Fifth Circuit Court of Appeals Invalidates the 2016 Final Department of Labor Fiduciary Rule and Related Prohibited Transaction...

What’s a financial advisor to do? On March 15, 2018, the Fifth Circuit Court of Appeals in Chamber of Commerce of the U.S. v. U.S. Dep’t. of Labor, No. 17-10238, 2018 U.S. App. LEXIS 6472 (5th Cir. Mar. 15, 2018) vacated –...more

The Future of the ERISA Fiduciary Rule

The future of the Department of Labor’s Fiduciary rule is in limbo following the Fifth Circuit’s decision striking it down “in toto.” The future of the Fiduciary rule is uncertain, particularly in light of the Fifth...more

Fifth Circuit Vacates DOL Fiduciary Rule

by Carlton Fields on

On March 15, the Fifth Circuit, in Chamber of Commerce, et. al. v. United States Department of Labor, a 46-page opinion, reversed the district court’s ruling upholding the Department of Labor (DOL) fiduciary rule and vacated...more

The Final Rule: Next Steps After Vacatur

The nationwide vacatur of the Department of Labor “investment advice” fiduciary definition and related exemptions by the US Court of Appeals for the Fifth Circuit on March 15, 2018, does not bring an end to the challenges...more

Activist States Move Forward with Fiduciary Standards for Broker-Dealers and Investment Advisers

by Dechert LLP on

Although the U.S. Securities and Exchange Commission (SEC) staff is currently drafting proposed rules relating to the standard of conduct for broker-dealers and investment advisers, several states have decided not to wait for...more

Employee Benefits Developments - March 2018

by Hodgson Russ LLP on

Proposed Rules Extend Short-Term, Limited-Duration Insurance - In response to last October’s Executive Order, the Internal Revenue Service, Department of Labor, and Department of Health and Human Services (Departments)...more

The Fate of the Department of Labor Fiduciary Rule Could Be Uncertain

On May 22, 2017, Department of Labor (“DOL”) Secretary Alexander Acosta announced in an op-ed in the Wall Street Journal that the DOL would not issue another delay of the “fiduciary rule,” and that it was set to generally...more

DOL Fiduciary Rule Update: Enforcement of the Rule Is “On Hold” and Its Future Is Uncertain

by Hodgson Russ LLP on

The DOL’s new fiduciary rule continues its roller coaster ride toward possible but uncertain implementation. On March 15, the U.S. Court of Appeals for the Fifth Circuit (covering Texas, Mississippi and Louisiana) issued a...more

Fifth Circuit Vacates ERISA "Fiduciary Rule": Future Uncertain

by Jones Day on

On March 15, 2018, in a 2–1 decision, the Fifth Circuit vacated all parts of the Department of Labor's so-called "Fiduciary Rule" in Chamber of Commerce, et. al. v. Acosta, No. 17-10238 (5th Cir. March 15, 2018). The Labor...more

ERISA's Fiduciary Rule - Dead Yet? Game Over? Maybe, Maybe Not . . .

by Dechert LLP on

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

DOL Fiduciary Advice Rule Vacated By The Fifth Circuit

by Seyfarth Shaw LLP on

On March 15, 2018, in Chamber of Commerce of the U.S.A., et al. v. U.S. Department of Labor, the Court of Appeals for the Fifth Circuit invalidated the Department of Labor’s (“DOL”) new investment advice fiduciary regulation...more

Fifth Circuit Vacates Department Of Labor’s Fiduciary Rule

Last week, a divided panel of the U.S. Court of Appeals for the Fifth Circuit struck down the U.S. Department of Labor’s (“DOL”) “Fiduciary Rule,” a controversial measure that redefined exemptions to Employee Retirement...more

Fifth Circuit decision doesn’t bury Fiduciary Rule

by Ary Rosenbaum on

The Fifth Circuit Court of Appeals vacated the Labor Department’s fiduciary rule, overturning a Dallas district court decision that originally upheld it. By a 2-1 vote, the Circuit Court held that the Department of Labor...more

Fifth Circuit Vacates Department of Labor’s Fiduciary Rule

On March 15, 2018, in a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit vacated entirely the conflict of interest regulation of the Department of Labor (DOL) and its related prohibited transaction exemptions...more

Fiduciary Rule cancelled, subject to further appeal by DOL

by McAfee & Taft on

For several years now, many in the retirement plan industry have been talking about the U.S. Department of Labor’s (DOL) new regulations and rules collectively referred to as the “Fiduciary Rule,” which significantly expanded...more

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