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Fiduciary Rule

The Unpredictable Fate of the DOL’s Fiduciary Rule

It’s been a long year waiting for the full Fiduciary Rule to take effect, but will it ever truly achieve its intended impact on employer plans and their advisors? As we reported, the DOL’s Fiduciary Rule was supposed to...more

The DOL Rolls Over, Fiduciary Rule Effectively Dead

by Ary Rosenbaum on

The Department of Labor (DOL) said it’s not going to pursue enforcement actions against investment advice fiduciaries “who are working diligently and in good faith to comply” with requirements of the fiduciary rule that was...more

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

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

Financial Services Weekly News - May 2018 #2

by Goodwin on

Editor's Note - Regulatory Relief, One Way or Another. It seems that banks may finally be the beneficiaries of meaningful regulatory relief and such relief is coming from several different sources. Yesterday, May 8, 2018,...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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Takeda has officially emerged victorious in the battle for Shire. The Japanese drug giant will pay more than $66/share to acquire Shire in a deal valued at $62 billion....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

SEC Proposes Conduct Standards for Investment Advisers

On April 18, concurrently with its publication for comment of a proposed fiduciary rule for brokers,1 the Securities and Exchange Commission (SEC) took several actions that broadly implicate investment advisers....more

May Benefits Roundup

by Winstead PC on

The U.S. Department of Labor’s Fiduciary Rule is Finally Dead or Is It? The U.S. Department of Labor (“DoL”) permitted the Fifth Circuit’s decision overruling the fiduciary rule in its entirety on a nationwide basis due to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As we anticipated, the Fed held pat on rates yesterday, acknowledged rising inflation but betrayed little concern about it, and gave no signs of moving away from plans to next raise rates in June....more

“SEC Proposes Regulation Best Interest And Other New Standards Of Conduct For Broker-Dealers And Investment Advisers”

On April 18, 2018, the Securities and Exchange Commission (the “SEC”) issued three companion releases (each, a “Proposal”) proposing a package of rules, interpretations, and requests for comment concerning the standard of...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

Raising the Bar? SEC Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers’ Fiduciary Standard

by Shearman & Sterling LLP on

On April 18, 2018, the U.S. Securities and Exchange Commission (“SEC”) took the long-awaited step of proposing rules, interpretations and guidance (the “Proposed Rules”) that would seek to enhance and clarify the standards of...more

403(b) University Cases Move Forward: Cassell v. Vanderbilt University

by McDermott Will & Emery on

A lawsuit against Vanderbilt University is moving forward based on allegations that the university and its fiduciaries mismanaged its retirement plan by paying excessive fees and maintaining poor investment options....more

DOL Less Likely to Appeal Fifth Circuit Ruling Vacating Expansion of Fiduciary Rule in Light of Recent SEC Guidance

by McDermott Will & Emery on

In a recent 2-1 decision, the Fifth Court vacated the US Department of Labor’s controversial expansion of the ERISA fiduciary regulations (the New Fiduciary Rule). If the DOL does not seek a rehearing, the Fifth Circuit will...more

SEC Proposes Rules Addressing Broker-Dealer and Investment Adviser Standards of Conduct

by Dechert LLP on

On April 18, 2018, the U.S. Securities and Exchange Commission (SEC) voted 4-1 to propose a package of rules and interpretations (Proposals) intended to improve the retail investor experience and to provide greater clarity...more

Fifth Circuit Opinion Vacates DOL Fiduciary Rule

by Dechert LLP on

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

Fiduciary Rule Update – SEC to Consider Broker Dealer and Investment Adviser Standards

The SEC has announced it will hold a public meeting on Wednesday, April 18 at 3:30 p.m. to discuss possible standards for broker-dealers and investment advisers when dealing with retail investors (e.g., small retirement...more

Fifth Circuit opinion invalidating fiduciary rule creates circuit split; SEC moves forward on fiduciary rule proposals

by DLA Piper on

The Fifth Circuit Court of Appeals has vacated the Department of Labor's new fiduciary rule in its entirety, including the prohibited transaction exemptions that were issued or amended at the same time. This has set up a...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

Fiduciary Rule Reform – SEC Developments

by K&L Gates LLP on

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

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