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
8/27/2024
/ Annuities ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
NAIC ,
New Regulations ,
PTEs ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s final regulation defining fiduciary status for investment advice to retirement investors will be effective this September 23. Where a fiduciary recommendation results in additional compensation for...more
7/22/2024
/ Annuities ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Exemptions ,
Fiduciary Rule ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Licensing Rules ,
New Rules ,
Prohibited Transactions ,
PTE 84-24 ,
Retirement Plan
The Department of Labor’s (DOL) final regulation defining fiduciary status for investment advice to retirement investors is effective on September 23, 2024. The related exemptions—PTE 2020-02 and 84-24—are partially effective...more
6/4/2024
/ Department of Labor (DOL) ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
On April 25, 2024, the Department of Labor published its final regulation on defining fiduciary status for investment advice, and the related exemptions, in the Federal Register. The exemptions provide relief from prohibited...more
5/9/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
On April 25, 2024, the Department of Labor published its final regulation on fiduciary advice, and the related exemptions, in the Federal Register. The regulation defines fiduciary investment advice and the exemptions provide...more
4/29/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The DOL has proposed amendments to its regulation defining fiduciary advice so that, in most cases, a single recommendation to a retirement investor will be a fiduciary act. In addition, the DOL has proposed amendments to ...more
4/18/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
Mitigation ,
Prohibited Transactions ,
PTEs ,
Regulatory Reform ,
Retirement Plan
In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
4/8/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Financial Institutions ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
PTEs ,
Retirement Plan
In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
4/1/2024
/ Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
2/20/2024
/ Compensation ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
Investment Management ,
IRA Rollovers ,
Plan Participants ,
Proposed Regulation ,
PTE 84-24 ,
PTEs ,
Retirement
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
1/23/2024
/ Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Incentives ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
1/17/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
1/3/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
12/18/2023
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs
The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/13/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/11/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Insurance Industry ,
Investment ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/6/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
IRA Rollovers ,
Prohibited Transactions ,
Proposed Regulation ,
Required Minimum Distributions ,
Retirement Plan ,
Securities
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants...more
12/4/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Retirement ,
Retirement Plan ,
Robo-Advisors
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants...more
11/29/2023
/ Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
PTEs ,
Regulation Best Interest ,
Regulatory Reform ,
Retirement Plan
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
11/20/2023
/ Comment Period ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
PTEs ,
Registered Investment Advisors ,
Regulatory Agenda ,
Retirement Plan
The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more
11/3/2023
/ Banks ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Investment Trust Companies ,
IRA Rollovers ,
New Rules ,
PTEs ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
Under Regulation Best Interest (Reg BI), the SEC imposes a best interest standard on account recommendations by broker-dealers. This is because recommending an account type is viewed by the SEC as recommending an investment...more
7/21/2023
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary ,
Investment ,
Investment Adviser ,
Policies and Procedures ,
Prohibited Transactions ,
Regulation Best Interest ,
Regulation BI ,
Risk Mitigation ,
Securities and Exchange Commission (SEC)
The Broker-Dealer Regulation & Litigation Digest is a periodic compilation of the most read blog posts published on the Broker-Dealer Law Blog during the last few months. Here you can catch up on what you missed or re-read...more
Both the Internal Revenue Code (Code) and the Employee Retirement Income Security Act of 1974 (ERISA) include prohibited transaction provisions that literally prohibit certain transactions (unless exempted by statute or by a...more
There appear to be conflicting views of whether an investment adviser’s duty of care can be satisfied by disclosures that satisfy the duty of loyalty. That is, if an adviser discloses the receipt of additional compensation...more
9/27/2022
/ Best Interest Standard ,
Department of Labor (DOL) ,
Duty of Loyalty ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Standard of Care ,
Standard of Conduct