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
9/12/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda ,
Regulatory Requirements ,
Retirement Plan
Broker-dealers and their registered representatives (advisors) providing services to private sector tax-qualified and ERISA-governed retirement plans, participants in those plans and IRA owners (collectively, Retirement...more
2/21/2024
/ Competition ,
Department of Labor (DOL) ,
Disclosure ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investors ,
Prohibited Transactions ,
Proposed Amendments ,
PTEs ,
Retirement Plan
The Department of Labor (the DOL) expanded its interpretation of fiduciary advice in its guidance issued in connection with Prohibited Transaction Exemption (PTE) 2020-02. As a result, many more broker-dealers and registered...more
3/23/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Florida ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Registered Investment Advisors ,
Retirement Plan ,
State and Local Government
The current DOL fiduciary rule says that a broker-dealer and its registered representatives (advisors) are fiduciaries to a plan under ERISA if a functional 5-part test is satisfied. This same 5-part test applies to...more
2/22/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
IRA Rollovers ,
Proposed Amendments ,
Proposed Regulation ,
PTEs ,
Regulatory Agenda ,
Retirement Plan
Registered investment advisers, including dual registrant broker-dealers (collectively “advisers”) who provide discretionary investment management services to individual retirement accounts (IRAs), are fiduciaries under the...more
1/17/2023
/ Broker-Dealer ,
Conflicts of Interest ,
Fees ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Investment Management ,
IRS ,
Retirement Plan ,
Standard of Care
Joining the growing number of states who are implementing the National Association of Insurance Commissioners’ (NAIC) model regulation concerning suitability in annuity transactions, New Mexico has issued its best interest...more
It may be a New Year, but 2022 is going to seem very familiar to Broker-Dealers (BD) and their Registered Representatives who advise retirement plans and IRAs: they are going to be spending a lot of time working to comply...more
1/11/2022
/ Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
PTEs ,
Retirement Plan
The Department of Labor (DOL) recently issued guidance in the form of an Information Letter describing the process that plan fiduciaries should undertake in determining whether an investment fund having a private equity...more
10/14/2020
/ 401k ,
Corporate Counsel ,
Department of Labor (DOL) ,
Diversification Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Information Letters ,
Investment ,
Liquidity ,
Oversight Duties ,
Private Equity ,
Retirement Plan ,
Valuation
The standard of care for rollover recommendations has been top of mind for broker-dealers beginning with the issuance of the Department of Labor’s (DOL’s) now vacated fiduciary rule, and more recently with the SEC’s...more
8/27/2019
/ Broker-Dealer ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
IRA Rollovers ,
Regulation Best Interest ,
Securities and Exchange Commission (SEC) ,
Standard of Care