The Department of Labor will engage in new rulemaking to replace Biden era regulations labeled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” that allowed plan fiduciaries may consider...more
Effective 17 June 2024, the US Department of Labor (DOL) adopted comprehensive amendments to Prohibited Transaction Exemption (PTE) 84-14, also known as the “QPAM exemption” (Exemption)....more
12/19/2024
/ Banking Sector ,
Banks ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Services Industry ,
Investment ,
Investment Adviser ,
Investment Management ,
OCC ,
Prohibited Transactions ,
QPAM
In July, two Federal District Courts in Texas issued orders staying the effective date of the Department of Labor’s (DOL) fiduciary rule (Fiduciary Rule)....more
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
5/1/2024
/ Benefit Plan Sponsors ,
Compensation & Benefits ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
QPAM ,
Retirement Plan
It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more
1/22/2024
/ Asset Management ,
Beneficial Owner ,
Capital Markets ,
Compliance ,
Digital Assets ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Liquidity ,
Money Market Funds ,
Private Funds ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Swing Pricing ,
Whistleblowers
On 31 October 2023, the Department of Labor (DOL) unveiled its proposed “Retirement Security Rule” (Proposed Rule) redefining who is an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA)....more
Executive Summary: The Department of Labor released a final rule that addresses fiduciary duties when (1) considering ESG factors in selecting investments, and (2) considering whether and how to vote proxies, for plans...more
Executive Summary - The Department of Labor’s proposed amendment to the QPAM Exemption would impose stricter conditions and make it more difficult for managers to avail themselves of one of the most commonly utilized ERISA...more
On 13 October 2021, the Department of Labor (DOL) proposed amendments (the Proposed Rule) to its investment duties regulation under the Employee Retirement Income Security Act of 1974, as amended (ERISA), to clarify that...more
EXECUTIVE SUMMARY - The Department of Labor (DOL) published final regulations that make significant strides in reducing barriers to the electronic delivery of a wide array of retirement plan disclosures. Specifically, the...more
9/3/2020
/ Beneficiaries ,
Benefit Plan Sponsors ,
Corporate Counsel ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Electronic Disclosure ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Pensions ,
Retirement Plan ,
Safe Harbors
This alert is the second in a series. In our first alert, “History and State of Play,” our global financial services policy team described the status of the Department of Labor’s (DOL) proposed rule on socially responsible...more
TOPICS -
- Socially responsible/ESG investing
- Distribution through consulting/OCIO firms
...more
Three items of key importance with respect to the Department of Labor’s (“DOL”) rule changing the definition of the term “fiduciary” (the “Fiduciary Rule”) happened on May 22, 2017:
1. Secretary of Labor Alexander Acosta...more
Today, the Department of Labor (“DOL”) published its final rule delaying the applicability dates of its rule changing the definition of the term “fiduciary” (the “Fiduciary Rule”) and related prohibited transactions...more
On an almost daily basis, there are developments regarding the status of the Department of Labor’s (“DOL”) fiduciary rule creating a climate of uncertainty. Stakeholders, such as financial institutions that serve retirement...more
In the face of controversy and following thousands of comments from market participants and lawmakers, the Department of Labor (“DOL”) has finalized sweeping changes to the definition of “fiduciary” under the Employee...more