News & Analysis as of

Individual Retirement Account (IRA) Securities and Exchange Commission (SEC) IRA Rollovers

Faegre Drinker Biddle & Reath LLP

Things I Worry About (10): FINRA Enforcement and Senior Investors (2)

Key Takeaways - FINRA’s 2025 Annual Regulatory Oversight Report 2025-annual-regulatory-oversight-report.pdf included a focus on issues related to retirees and senior investors. - The Report provides guidance to...more

Faegre Drinker Biddle & Reath LLP

SEC 2025 Examination Priorities: Retirees and Rollovers

The SEC’s Division of Examinations issued its 2025 Exam Priorities a few months ago. 2025-exam-priorities.pdf Many articles have been written about those priorities, but none—at least that I have seen—have addressed the focus...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (45): The Regulation and Exemptions are Stayed (5)—What Remains?

The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” fiduciary regulation (the 5-part test) and the amended exemptions continue in effect indefinitely. As a result,...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (44): The Regulation and Exemptions are Stayed (4)—What Remains?

The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (42):The Regulation and Exemptions are Stayed (2)—What Remains?

The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more

Proskauer - Employee Benefits & Executive...

Game of Tomes: A Guide to the DOL’s Retirement Security Rule Proposal

The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more

Faegre Drinker Biddle & Reath LLP

The SEC’s 2024 Examination Priorities: Impact on IRAs and Retirement Plans

The SEC Division of Examinations recently released its 2024 Examination Priorities (2024-exam-priorities.pdf (sec.gov)). While the Priorities cover a range issues, this article focuses on the Priorities that could impact...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #97: The SEC Requirements for Rollover Recommendations

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including rollovers),...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #94: Maintenance of Documentation for Compliance with PTE 2020-02

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #92: Consideration of Costs in the Evaluation of Rollovers

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #91: Rollover Recommendations to Participants in Government Plans

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #89: Rollovers and the Information That Is Needed About the Participant

The DOL’s expanded definition of fiduciary advice was described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #88: Specific Reasons for Rollover Recommendations That Won’t Work (Part 2)

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #87: Specific Reasons for Rollover Recommendations That Won’t Work (Part 1)

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #75: Compliance with PTE 2020-02: Mitigation of Conflicts (Part 2)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ◾ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ◾ In FAQ 16, the DOL...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #74: Compliance with PTE 2020-02: Mitigation of Conflicts (Part 1)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ◾ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ◾ In FAQ 16, the DOL...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #72: Compliance with PTE 2020-02: Factors to Evaluate for an IRA-to-IRA Rollover...

This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #67: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #56

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #54

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: An Overview - This article is an overview of the requirements of PTE 2020-02. It discusses the expanded fiduciary definition, the conditions in the PTE, and the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #40

On December 18, 2020, the DOL issued its final prohibited transaction exemption (PTE) that permits investment advisers, broker-dealers, banks and insurance companies, and their representatives, to receive conflicted...more

Proskauer - Employee Benefits & Executive...

New DOL Fiduciary Rule Package: What You Really Need to Know

The U.S. Department of Labor’s (the “DOL”) new “fiduciary rule” package, issued on June 29, 2020, and published in the Federal Register on July 7, 2020, has three important components...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #29

On June 15, SEC Chairman Clayton issued a statement partially entitled: “Need for Increased Care when Recommending 401(k)/IRA Rollovers and Withdrawals . . .”. As that title suggests, the Chairman’s statement covers areas...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #19

Regulation Best Interest: Rollover Recommendations for Investment Advisers (Rollovers Part 5) - The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #18

Regulation Best Interest: Rollover Recommendations for Investment Advisers (Rollovers Part 4)- The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental...more

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