News & Analysis as of

Employee Benefits Financial Institutions

A&O Shearman

Pensions: DC trustee agenda update - September 2024

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Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings and to support the legal update item on your next...more

Mayer Brown

The Pensions Brief: June 2024

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Issues affecting all schemes - General Election – impact on pensions - The General Election resulted in a landslide victory for the Labour Party. While no pensions-related announcements have been made since the election by...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (36): Confusion about Annual Retrospective Reviews

The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTE 2020-02 and 84-24. The exemptions provide...more

Adler Pollock & Sheehan P.C.

2024 Rhode Island Legislative Session Report

The Rhode Island General Assembly adjourned sine die on Friday, bringing the 2024 legislative session to a close. Below is an overview of noteworthy legislation passed during the session....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (33): The DOL’s Final PTE 84-24

On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more

K&L Gates LLP

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

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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

K2 Integrity

FinCEN Proposes New Regulation To Enhance Transparency In Convertible Virtual Currency Mixing And Combat Terrorist Financing

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Summary of What Has Happened and What Is Yet to Come - On 19 October 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM), pursuant to...more

Troutman Pepper

DOL Proposed Rule: New Definition of "Investment Advice Fiduciary"

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On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of...more

Stikeman Elliott LLP

OSFI Releases New Supervisory Framework for FRFIs and Pension Plans

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On October 4, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”) released details of a new supervisory framework (“New Framework”) that will apply as of April 1, 2024 to federally-regulated financial...more

Skadden, Arps, Slate, Meagher & Flom LLP

IRS Makes Permanent Its Fast-Track Corporate Private Letter Rulings

On July 26, 2023, the Internal Revenue Service (IRS) Chief Counsel’s Office announced that it would make permanent its pilot program of issuing “fast-track” private letter rulings for requests solely or primarily under the...more

Morgan Lewis - ML Benefits

Update: Four More States Move Toward Anti-ESG Regulations

Anti-ESG state legislation continues to focus on public retirement plan investing and asset management. Over the last year, 18 states have proposed or adopted state legislation or regulation limiting the ability of the state...more

Morgan Lewis - ML Benefits

The State of Anti-ESG State Legislation

This post serves as an update to our prior blog post analyzing the impact of this anti-ESG state legislation on public retirement plan investing. Over the past year, 17 states have proposed or adopted state legislation...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #91: Rollover Recommendations to Participants in Government Plans

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #90: Rollover Recommendations to Participants in Defined Benefit Plans

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

The New DOL Fiduciary “Rule” For Investment Advisers and Broker-Dealers and the December 20 Deadline: The Time to Act is Now

The DOL’s new fiduciary “rule” became effective on February 16, 2021. The rule is a combination of a new and expansive definition of fiduciary advice (and status) and an exemption from the prohibitions of ERISA and the...more

Proskauer - Employee Benefits & Executive...

District Court Denies Interlocutory Appeal for Novel Issue of “Hardwired” 401(k) Plans

A federal district court in Maryland recently declined to certify an interlocutory appeal to the Fourth Circuit on the issue of whether financial institutions can “hardwire” a preference for their own proprietary investment...more

Kilpatrick

PTE 2020-02 for Investment Advice Fiduciaries: Overview and Checklist

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Overview: In general, the prohibited transaction rules (in ERISA and the Tax Code) (1) prohibit fiduciaries that provide investment advice to plans subject to Title I of ERISA (including 401(k) plans, pension plans and...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #38

The Department of Labor’s Proposed Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 3): Investment Adviser Considerations - On December 18, 2020, the DOL issued its...more

Lowenstein Sandler LLP

Fiduciary Rule Prohibited Transaction Class Exemption Released By The DOL

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On December 15, 2020, the U.S. Department of Labor (DOL) released a final prohibited transaction class exemption for certain fiduciary investment advice actions. Issuance of the exemption is the latest in the tug of war of...more

Goodwin

U.S. Department of Labor Formalizes Reinstatement of “Five Part Test” For Fiduciary Investment Advice and Proposes Broad Principal...

Goodwin on

On June 29, 2020, the U.S. Department of Labor (the Department) formally reinstated its “five-part test” for determining what constitutes “investment advice” under ERISA and Section 4975 of the Internal Revenue Code (the...more

Bracewell LLP

Are the financial markets ready to weather the COVID-19 Storm?

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The current COVID-19 pandemic is causing significant concern in the financial markets, reviving memories of the 2008 financial crisis. The sudden and almost complete shutdown of many non-essential businesses due to the...more

Carlton Fields

401K Not OK: ERISA Class Certified Under Rule 23(b)(1)(B)

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A New York district court granted certification in an ERISA class action brought by employees of Deutsche Bank alleging the individual fiduciaries of the company’s retirement plan engaged in self-dealing and mismanagement of...more

Carlton Fields

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #3 - Q&As on Annuity Sales Practices,...

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For the past two months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. We continue that discussion here. As in the past,...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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With politics swirling around in the background, the AT&T/Time Warner mega-merger is still up in the air, with DOJ antitrust officials still working away (8 months after the deal was announced) to determine whether...more

Burr & Forman

SEC Returns to the Fiduciary-Rule Arena

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On June 1, new SEC Chair Clayton returned the SEC to the arena in the policy debate surrounding the DOL’s Fiduciary Rule. Clayton’s public statement responded to a direct invitation for SEC participation by DOL Secretary...more

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