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Retirement › Department of Labor (DOL) › Broker-Dealer

Faegre Drinker Biddle & Reath LLP

Things I Worry About (9): FINRA Enforcement and Senior Investors

Faegre Drinker Biddle & Reath LLP on

Among other things, FINRA is focusing on services and recommendations by broker-dealers and their registered representatives to retirees, senior investors and investors with diminished capacity. The Report has one part...more

Faegre Drinker Biddle & Reath LLP

Compliance with PTE 2020-02: Mitigating Conflicts of Interest

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The DOL’s prohibited transaction exemption (PTE) 2020-02 (Improving Investment Advice for Workers & Retirees), allows broker-dealers and their registered representatives (advisors) to receive conflicted compensation resulting...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)

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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

Broker-Dealer Compliance + Regulation

Understanding the Standard of Care for Broker-Dealers and the Department of Labor’s Fiduciary Rule

Broker-Dealer Compliance + Regulation on

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

Burr & Forman

DOL Hearings Debate “Fiduciary Duty” not “Suitability” Standard for Retirement Accounts

Burr & Forman on

The U.S. Department of Labor (“DOL“) recently heard public comment to its proposed regulatory changes implementing a fiduciary duty on any individual receiving compensation for advice tailored to a plan sponsor, participant...more

Proskauer - Corporate Defense and Disputes

DOL Open to Changing Fiduciary Proposal, But Some Press for it to be Scrapped

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As we wrote about previously, in April the Department of Labor issued its highly anticipated, re-proposed regulation addressing the standard of care for broker-dealers and other financial professionals who provide retirement...more

Carlton Fields

DOL Proposal Would Fundamentally Alter Fiduciary Relationship

Carlton Fields on

Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more

Proskauer - Corporate Defense and Disputes

The Battle Lines Continue to Form Over the DOL’s Fiduciary Proposal

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Earlier this month, the Securities Industry and Financial Markets Association (“SIFMA”) released its “Proposed Best Interests of the Customer Standard for Broker-Dealers” – an alternative to the U.S. Department of Labor’s...more

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