The Securities and Exchange Commission (SEC) has adopted a package of rules and interpretations on the provision of advice to retail customers. Some of these rules come with tight compliance dates, and firms that will be...more
The US Securities and Exchange Commission voted on June 5 to adopt its long-awaited rules governing retail advice. These new standards of conduct include the adoption of Regulation BI and Form CRS, as well as interpretive...more
This LawFlash outlines the key provisions in Nevada’s draft regulation and discusses, among other topics, when the regulation would be effective, when fiduciary duty would apply, and what conduct would be considered a...more
This paper examines how a plan service provider (such as a trustee, record-keeper, broker-dealer, or investment adviser) can offer participant-level distribution and rollover guidance under the US Department of Labor’s...more
This LawFlash describes the key questions raised by the US Securities and Exchange Commission’s new proposed interpretation of the standard of conduct for investment advisers and discusses its potential impact on the existing...more
This LawFlash analyzes the key aspects and questions raised by proposed Regulation Best Interest, including its impact on broker-dealers from disclosure, compliance, and operational perspectives....more
What does this mean, and what should financial institutions do now?
In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the US Department of Labor’s (DOL) fiduciary rule, deciding in favor of a...more
The Internal Revenue Service confirms in writing that recharacterizing 2017 Roth IRA conversions will be permitted until October 15, 2018....more
HR 1 makes Roth IRA conversion recharacterizations a thing of the past, but is silent on whether recharacterizing 2017 Roth IRA conversions in 2018 will be permitted....more
The Fiduciary Rule transition period is extended until mid-2019, with financial institutions having flexibility in complying with the impartial conduct standards during this period....more
Thrivent wins injunction on anti-arbitration clause.
Update on the Fiduciary Rule Delay -
On November 1, the White House Office of Management and Budget (OMB) received a much-anticipated notice from the US Department of...more
The proposal would extend the transition period to July 1, 2019.
The US Department of Labor (DOL) has proposed to delay the applicability of additional conditions of the Best Interest Contract (BIC) exemption, Principal...more
The Department of Labor ties up a few loose ends with FAQS regarding the fiduciary rule....more
The proposal is expected to delay additional conditions of exemptions from January 1, 2018 to July 1, 2019, but the ultimate length of delay will not be clear until the DOL publishes a final rule....more
The DOL has issued transition FAQs and a nonenforcement policy—meanwhile, here comes the SEC....more
The rule is delayed by 60 days, with core elements taking effect June 9 as the DOL conducts a study.
The Department of Labor (DOL) has issued in final form its eagerly awaited delay of changes to the fiduciary investment...more
60-day delay proposed, comments requested on president’s study.
The US Department of Labor (DOL) has proposed to delay the applicability date of the fiduciary rule (and related prohibited transaction exemptions) by 60...more
Memorandum does not delay applicability date—but is it enough for firms to stand down?
Anxiously awaited by many in the financial services industry, President Donald Trump has issued a memorandum ordering the Department...more
DOL releases additional guidance on fiduciary rule in the waning days of the Obama administration.
The US Department of Labor (DOL) has released two new sets of frequently-asked-questions (FAQs) regarding the conflict of...more
The election of Donald J. Trump to be the 45th president of the United States and Republican control of both congressional houses could have profound impacts on financial services regulation, including the fiduciary...more
Financial services firms with active recruiting programs should consider immediately how the DOL’s FAQs affect their compensation packages with respect to back-end recruitment awards.
To help the financial services...more
The guidance is the first of three waves of FAQs.
On October 27, the US Department of Labor (DOL) released a long-awaited frequently asked questions (FAQs) document regarding the fiduciary rule, as released on April 8,...more
Final rule includes many changes and clarifications intended to address concerns raised about the proposal, but issues remain.
The US Department of Labor (DOL) has released its final regulation “Definition of the Term...more
DOL has indicated that the final rule will be released in the first half of the year.
The US Department of Labor (DOL) sent its final Conflict of Interest Rule—Investment Advice (with related exemptions and amendments to...more
The guidance clarifies that environmental, social, and governance factors may be relevant to a plan fiduciary’s evaluation of an investment’s economic merits.
The US Department of Labor (DOL) recently published an...more