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Investment Adviser Fiduciary Duty

Miller Canfield

SEC 2025 Examination Priorities for Registered Investment Advisers

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On October 21, 2024, the Securities and Exchange Commission’s Division of Examinations released its 2025 examination priorities. The examination priorities are published annually by the Division to inform investors and...more

Cozen O'Connor

Navigating the Future: Key Takeaways & Insights from the 2024 Securities Enforcement Forum Central

Cozen O'Connor on

One of the concerns following the Supreme Court’s ruling in SEC v. Jarkesy was that other agencies may face similar collateral attacks to its administrative proceedings. While the full impact of Jarkesy remains an open...more

Snell & Wilmer

SEC Division of Examinations Priorities for 2025: Examinations Will Prioritize New Rules for Form PF and Regulation S-P, Fiduciary...

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On October 21, 2024, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) issued its annual examination priorities for fiscal year 2025. As with its 2024 examination...more

Vedder Price

SEC Settles Enforcement Proceedings Against Adviser/Broker-Dealer for Alleged Fiduciary Duty Breaches Related to Receipt of...

Vedder Price on

On August 12, 2024, the SEC announced the settlement of administrative proceedings brought against a dually registered investment adviser and broker-dealer (the adviser) for alleged breaches of fiduciary duty related to its...more

Carlton Fields

Changes for Producer Award Trips at IMOs? Fiduciary Rule Suggests Turbulence Ahead

Carlton Fields on

In April 2024, the U.S. Department of Labor issued its long-awaited retirement security rule, also known as the fiduciary rule, broadening the definition of who is an “investment advice fiduciary” under the Employee...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (49): Recommendations to Transfer IRAs (NAIC)

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

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (48): Recommendations to Transfer IRAs (DOL)

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

Faegre Drinker Biddle & Reath LLP

Rollover Recommendations: PTE 2020-02 Compliance Considerations Following the DOL Fiduciary Rule Stay

The effective date of the DOL’s new expansive fiduciary rule and the amendments to Prohibited Transaction Exemption (PTE) 2020-02 has been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE....more

Allen Matkins

Does The SEC's Jurisdiction Really Extend To Any Person?

Allen Matkins on

Last week, the Securities and Exchange Commission announced that it had settled charges against a broker-dealer and two investment advisers for impeding their clients from reporting securities law violations to the SEC. ...more

Alston & Bird

SEC Orders Investment Adviser to Pay for Inadequate Disclosure of Fees from Clearing Broker

Alston & Bird on

Our Investment Funds Group examines why the Securities and Exchange Commission penalized a registered investment adviser for inadequate disclosure of fees it received....more

Carlton Fields

DOL Fiduciary Rule Saga Continues: 2024 Fiduciary Rule Halted by Texas District Courts

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The Federation of Americans for Consumer Choice v. Department of Labor case was the first case challenging the Department of Labor’s 2024 retirement security rule defining who is an investment advice fiduciary. It was...more

Warner Norcross + Judd

Here We Go Again! Fiduciary Rule Effective Date Delayed

Two U.S. District Courts in Texas issued stays on July 25, 2024, and July 26, 2024, respectively, delaying indefinitely the effective date of the final fiduciary regulations and related prohibited transaction exemptions...more

Seyfarth Shaw LLP

Two Texas District Courts Issue Orders Delaying the Effective Date of DOL Fiduciary Rule and Related Amendments to Seven...

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Seyfarth Synopsis: Orders issued by the Eastern District of Texas on Thursday July 25 and the Northern District of Texas on Friday July 26 indefinitely delayed the September 23, 2024 effective date of the Department of...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (38):The Fiduciary Acknowledgment

The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTEs 2020-02 and 84-24. The exemptions...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for June 2024

Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more

Hall Benefits Law

Major Differences Between DOL’s Proposed and Final ERISA Investment Advice Regulations

Hall Benefits Law on

The U.S. Department of Labor’s (DOL) final regulations broaden the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) to include more investment advisors. However, the eight hundred pages of...more

Kilpatrick

The Department of Labor's Final Investment Advice Rule

Kilpatrick on

On April 25, 2024, the Department of Labor (“DOL”) published in the Federal Register its final regulation on its "fiduciary rule" (the "Final Regulation") clarifying when fiduciary status under the Employee Retirement Income...more

Seward & Kissel LLP

Class Action Suit Filed Against Morgan Stanley Over Rates on Bank Deposit Program

Seward & Kissel LLP on

On June 14, 2024, a class action lawsuit was filed in the U.S. District Court for the Southern District of New York against Morgan Stanley alleging a breach of its fiduciary duty to customers and unjust enrichment by, among...more

ArentFox Schiff

New SEC Guidance on Marketing Rule: Ensuring Compliance in Advertisement and Marketing Material for Investment Advisors 2024

ArentFox Schiff on

The US Securities and Exchange Commission (SEC) recently released two new sources of guidance for the Marketing Rule. On February 26, the SEC Division of Investment Management released an FAQ clarifying how to include gross...more

Bond Schoeneck & King PLLC

Are You a Fiduciary? The New Definition of an Investment Advice Fiduciary

On April 25, 2024, the United States Department of Labor (USDOL) issued a final rule, the “Retirement Security Rule,” that significantly alters the definition of a “fiduciary” under the Employee Retirement Income Security Act...more

A&O Shearman

SEC private fund adviser rule vacated by Fifth Circuit

A&O Shearman on

On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit held that the U.S. Securities and Exchange Commission had exceeded its statutory authority in adopting its controversial private fund advisers rule....more

Sullivan & Worcester

Are the SEC’s Private Fund Advisers Rules Now Dead? No, but they are on Life Support

Sullivan & Worcester on

The U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) has thrown a wrench into the gears of the U.S. Securities and Exchange Commission (the “SEC”) in its attempt to regulate those investment advisers that...more

SEC Compliance Consultants, Inc. (SEC³)

What Advisers Need to Know Now About Giving Rollover Advice after September 23, 2024

This article was originally published on Kitces.com, on May 15, 2024, and is available at at DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now about Giving Rollover Advice After September...more

Miller Canfield

DOL’s Latest Regulatory Package Expands Definition of Fiduciary

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The Department of Labor ("DOL") recently issued a regulatory package that includes a final rule updating ERISA's definition of an investment advice fiduciary and amending certain related prohibited transaction exemptions...more

Warner Norcross + Judd

Final Fiduciary Rule – Part 2: Conflicted Transaction Relief for Investment Advice Fiduciaries

The U.S. Department of Labor (DOL) amended Prohibited Transaction Exemption 2020‑02 (Amended PTE 2020-02) on April 25, 2024. This amendment addresses administrative deficiencies cited in federal court decisions challenging...more

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