News & Analysis as of

Department of Labor (DOL) Mutual Funds

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Putnam adds ESG Target Date Funds to their lineup

With the new Department of Labor (DOL) rules on ESG funds, it should be no shock that mutual fund companies starting mutual fund offerings for 401(k) fund lineups. Putnam has launched the Putnam Sustainable Retirement Funds...more

Eversheds Sutherland (US) LLP

A Goldfish is the Happiest Animal, A Securities Respondent is Not: Ted Lasso, SEC, FINRA, and DOL Enforcement Actions (October...

You know what the happiest animal on Earth is? It's a goldfish. Y'know why? It's got a 10-second memory. Be a goldfish. During the pandemic, we have had a lot of lows, as well as a few highs. And that’s just in pop...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL to allow private equity investments in DC Plans

The Department of Labor (DOL) released some new guidance that might facilitate the inclusion of private equity (PE) exposure in participant-directed defined contribution (DC) plans ERISA. The guidance contemplates the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - September 2019

Some "Truths" About The Retirement Plan Business. You may not be able to handle it. I'm very outspoken, probably too much. Many people in the industry don't like flamethrowers who call things as they see it. While it...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

It’s legal until it’s not

Shelf space payments where mutual fund companies pay to get access on a particular 401(k) custodial platform is a trending topic. The payments made are for access and if you don’t pay if you’re a mutual fund company, you...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - July 2019

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REGULATORY UPDATES - Investors Continue to Press Regulators for Disclosure of Environmental, Social, and Governance (“ESG”) Risks...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Lawsuits against Fidelity piling on

With Fidelity being under fire for “shelf space payments” from mutual fund companies to appear on their platform, it’s not surprising that ERISA litigators smell blood in the water like the sharks people think they are....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with shelf space payments

Fidelity is being sued and being investigated for shelf space payments they receive from mutual fund companies for room on their fund platform. They’re not the only provider to receive these fees and I find it totally...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL probing Fidelity

According to an article in the Wall Street Journal, the Department of Labor (DOL), is looking at an obscure and confidential “infrastructure” fee that Fidelity charges the mutual fund companies for putting their funds on its...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The DC Circuit Court of Appeals dealt the DOJ a blow yesterday with a ruling that “rejected the government’s claim that a lower court had applied antitrust laws incorrectly in allowing the merger” between AT&T and Time Warner...more

Verrill

Socially Responsible Investing and the Plan Fiduciary

Verrill on

In the wake of mass shootings, environmental disasters, industrial accidents, drug and tobacco use pandemics, and other tragedies, retirement plan investors are paying more attention to selecting or rejecting investments...more

Dechert LLP

Fifth Circuit Opinion Vacates DOL Fiduciary Rule

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The U.S. Court of Appeals for the Fifth Circuit on March 15, 2018 issued an opinion (Opinion) vacating the Department of Labor (DOL) fiduciary rule and related applicable exemptions. The DOL had promulgated the rule and...more

Proskauer Rose LLP

ERISA Newsletter - First Quarter 2018

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Despite the change in seasons, there appears to be no change in the pace of complex and class action ERISA litigation. Investments in defined contribution plans—both 401(k) and 403(b) plans—continue to be the leading target...more

Dechert LLP

Chipping Away - Does the DOL's Fiduciary Rule Continue to Be on the Chopping Block?

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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

Dechert LLP

SEC Staff Clarifies Application of 1940 Act Section 22(d) to Brokers Selling Clean Shares of Mutual Funds

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In response to a request for interpretative guidance, the U.S. Securities and Exchange Commission staff (staff) advised on January 11, 2017 that Section 22(d) of the Investment Company Act of 1940 does not prevent a broker...more

Morrison & Foerster LLP

Investment Management Legal + Regulatory Update – February 2017

REGULATION - DOL Issues Additional Guidance on Fiduciary Rule - On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more

Kilpatrick

Effects of the DOL Fiduciary Rule Reach Mutual Fund Industry

Kilpatrick on

The Department of Labor finalized the so-called “Fiduciary Rule” in April 2016 and announced it would go into effect in April 2017. Since the finalization of the Fiduciary Rule, the annuities, brokerage, and advisory...more

Perkins Coie

SEC Staff Allows Brokers to Set Fund Commissions with “Clean Shares”

Perkins Coie on

The SEC’s Division of Investment Management issued a no-action letter on January 11, 2017 explicitly permitting brokers to set their own commission rates for sales of so-called “clean shares” of mutual funds. Previously, as...more

Ballard Spahr LLP

Investment Management Update

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SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The emissions cheating scandal that recently cost VW $4.3 billion and a mess of criminal indictments isn’t, it seems, confined to the Germans. We heard months ago about a similar probe into Mitsubishi, and yesterday we...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Some Broker-Dealers aren’t in a panic and there is one reason why

While people are predicting gloom and doom for broker-dealers when the new fiduciary rule goes into effect, there is a certain brand of broker-dealers that aren’t going to be in panic mode....more

Perkins Coie

SEC Staff Smooths the Way for DOL Fiduciary Rule Compliance

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The SEC’s Division of Investment Management released a Guidance Update on December 19, 2016, addressing certain procedural issues that have arisen in connection with the so-called “Fiduciary Rules” adopted by the U.S....more

Dechert LLP

SEC Staff Issues Guidance on Fund Fee Structure Disclosures

Dechert LLP on

In a Guidance Update published on December 15, 2016, the staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) articulated its views as to certain disclosure issues and...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

Ballard Spahr LLP

Investment Management Update

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Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

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