The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 8) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more
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
On January 2, 2018, the U.S. Department of Labor postponed key provisions of its Fiduciary Rule for the next 18 months. The Fiduciary Rule was generally intended to expand the definition of who is considered a fiduciary,...more
Until recently, broker-dealers operating in the United States weren’t subject to a fiduciary standard when dealing with their retail clients. The passage of the Dodd-Frank Act in 2010 included a provision enabling the...more
In April 2016, the U.S. Department of Labor (DOL) adopted a rule that significantly expands the category of persons deemed fiduciaries when providing investment recommendations to most retail retirement accounts (the...more
On August 30, 2017, the Department of Labor (“DOL”) officially proposed delaying the applicability date of exemptions to its fiduciary rule until July 1, 2019. The proposal was expected after DOL stated in a court filing...more