Popular, Fiduciary Rule

Navigating the Impact of the New Fiduciary Rule on Insurers and Producers

Locke Lord LLP on 5/31/2024

On April 23, 2024, the U.S. Department of Labor (the “DoL”) released its final rule (“Fiduciary Rule”) titled Retirement Security Rule: Definition of an Investment Advice Fiduciary (an “Investment Advice Fiduciary”), which...more

Game Over: Robinhood Pays $7.5 Million to Resolve “Gamification” Securities Violations

Vinson & Elkins LLP on 2/13/2024

After more than three years of regulatory investigation and litigation, Robinhood Financial LLC (“Robinhood”) recently agreed to overhaul its digital engagement practices and pay a $7.5 million fine to settle charges with the...more

2023 Year-End Employee Benefits Updates

Quarles & Brady LLP on 11/16/2023

This newsletter provides updates employers should be aware of heading into 2024, including an outline of the updated 2024 retirement and welfare plan limits, instructions related to the “gag order” attestation requirements...more

Regulatory Update and Recent SEC Actions - April 2021

Blank Rome LLP on 4/16/2021

REGULATORY UPDATES - SEC - Leadership Changes On April 14, 2021, the U.S. Senate voted to approve President Biden’s nomination of Gary Gensler as Chairman of the Securities and Exchange Commission (the “SEC”) through June...more

Staring at the Stars Above, Wonder What [Fiduciary Duties] Are We Made Of – Cybersecurity for Retirement Plans

Holland & Hart - The Benefits Dial on 9/23/2020

Noting that there has been an increase in computer crime in connection with the economic disruption caused by COVID-19, companies should remember that retirement plan accounts are attractive targets for cyber thieves because...more

Regulatory Update and Recent SEC Actions - July 2019

Blank Rome LLP on 7/19/2019

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

The Unpredictable Fate of the DOL’s Fiduciary Rule

Nelson Mullins Riley & Scarborough LLP on 5/16/2018

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

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

Dechert LLP on 4/4/2018

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

Did Santa Give the Insurance Industry a Lump of Coal or a Diamond in the Rough? The Proposed Suitability and Best Interest...

Carlton Fields on 1/15/2018

As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more

Window on Washington - Vol. 1, Issue 37

Clark Hill PLC on 12/4/2017

House Majority Leader McCarthy informed members on Thursday that they should be ready to vote this evening on a motion to go to conference with the Senate on tax legislation, despite the House not scheduled to be in session....more

Department of Labor Finalizes 18-Month Delay of Fiduciary Rule Exemptions

Proskauer - Employee Benefits & Executive... on 11/29/2017

On November 27, 2017, the Department of Labor (“DOL”) finalized the delay of the applicability date for certain conditions for exemptions to the fiduciary rule until July 1, 2019. This delay was initially proposed in late...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

Carlton Fields on 10/16/2017

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

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

K&L Gates LLP on 9/5/2017

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

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

K&L Gates LLP on 8/14/2017

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

WPI Insider Briefing: After ACA "Repeal and Replace" Effort Fails, What's Next For Employers on Health Care and Other Workplace...

Littler on 8/11/2017

Last month began with significant momentum but long odds that Senate Republicans would pass legislation repealing and replacing the Affordable Care Act (ACA). In the early hours of July 28, GOP efforts came to a screeching...more

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

Kilpatrick on 8/10/2017

Transition Period Extension - In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation - Q&A on IRA Transactions

Carlton Fields on 7/26/2017

Previously, I wrote about potential litigation under the Department of Labor’s then proposed fiduciary rule (see Expect Focus, Vol. II, 2015). I predicted the following as to sales of index annuities to IRAs if the rule was...more

WPI Insider Briefing: Workplace Policy under the Trump Administration Begins to Take Shape as "Repeal and Replace" of the ACA...

Littler on 7/11/2017

Five months into President Trump's term, his administration's workplace policy is beginning to take shape. From notable developments at the Department of Labor (DOL), to long-awaited nominations to the National Labor...more

An Update On The DOL’s Fiduciary Rule

Jackson Lewis P.C. on 7/10/2017

The DOL’s much anticipated (or maligned depending on the audience) Fiduciary Rule expands the definition of what constitutes investment advice under ERISA and thereby increases the number and types of retirement plan service...more

DOL Again Seeks Comments on New Fiduciary Rules and Exemptions

Proskauer - Employee Benefits & Executive... on 7/4/2017

On June 29, 2017, the Department of Labor (“DOL”) requested another round of public comment on its fiduciary rule—this time in the form of a Request (“RFI”) for Information. The RFI seeks input on (a) whether to extend the...more

Finally in Play: A Refresher on the Fiduciary Rule for Plan Sponsors

Akerman LLP - HR Defense on 6/13/2017

On the heels of Labor Secretary Alexander Acosta’s announcement that the Department of Labor’s oft-delayed “Fiduciary Rule” would finally take effect on June 9th, Congressmen introduced new legislation on June 8th to overturn...more

DOL FAQs Guide Compliance Efforts during Fiduciary Rule Transition Period

BCLP on 6/6/2017

The Department of Labor has issued guidance in the form of Frequently Asked Questions to help firms and their advisers impacted by the Fiduciary Rule know what is expected on and after June 9, 2017, on and after January 1,...more

Employment Law This Week: Fiduciary Rule Takes Effect June 9, Rescission of Persuader Rule, Title VII & Sexual Orientation,...

Epstein Becker & Green on 6/5/2017

We invite you to view Employment Law This Week® - a weekly rundown of the latest news in the field, brought to you by Epstein Becker Green. We look at the latest trends, important court decisions, and new developments that...more

DOL’s Fiduciary Rule To Apply June 9th, Investment Managers and Advisers May Want to Take Action Now

Proskauer Rose LLP on 5/29/2017

The U.S. Department of Labor's (DOL) final rule significantly expanding when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code) as a...more

Will The Fiduciary Rule Live on Even if it is Repealed?

Burr & Forman on 5/22/2017

The Department of Labor fiduciary rule was supposed to be implemented on April 10, 2017. That date was pushed back to June 9 so that it could be reassessed, and possibly modified or even repealed. The rule as it stands...more

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