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The weekly news source for investment management legal and compliance professionals

Topic: ERISA

SEC Work with DOL on Standards of Conduct Already Underway

September 29, 2017
SEC chairman Jay Claytonís testimony before a Senate committee was not limited to cybersecurity. He also used his September 26 testimony before the Senate Committee on Banking, Housing and Urban Affairs to address other topics, including developing standards of conduct for advisers and broker-dealers Ė and let Congress and the public know that collaboration with the Department of Labor on these standards has already begun.

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DOL Proposes Fiduciary Rule Exemptions Delay, Considers Further Measures

September 7, 2017
The Department of Labor keeps finding ways to prevent key elements tied to its Fiduciary Rule from taking effect. The latest: an 18-month application date delay on three Rule exemptions, the likelihood that the DOL will "in the near future" propose "a new and more streamlined class exemption," and calls for comments in several other areas.

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Associations and Firms Want SEC/DOL Coordination on Standard of Conduct

August 18, 2017
More than 90 comments have been received by the SEC to date in response to agency chairman Jay Claytonís June 1 call for comments in regard to standards of conduct for investment advisers and broker-dealers. Among the trends emerging from the comments received to date is that the SEC, in coordination with the Department of Labor, create a separate standard of conduct for broker-dealers.

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DOL Proposes Delaying Fiduciary Rule Exemptions to July 2019

August 11, 2017
It seems compliance with various aspects of the Department of Laborís Fiduciary Rule keep getting pushed back. In the latest case, the DOL on August 9 issued a notice of administrative action, stating that it plans to delay the compliance date for three Fiduciary Rule exemptions, including the Best Interest Contract Exemption, from January 2018 to July 2019.

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DOL Seeks Public Input on Further Delay and Changes in Fiduciary Rule Exemptions

July 7, 2017
The dust is far from settled when it comes to Department of Labor Fiduciary Rule exemptions. The DOL on June 29 issued a "request for information" seeking public input on extending the applicability date of certain exemptive provisions associated with the Fiduciary Rule, as well as possibly changing the requirements of those provisions in the exemptions. The result, if extended dates are adopted and/or those exemptive requirements are changed, may bring relief, confusion and perhaps some frustration to advisers who would otherwise have had to comply with all the exemptive provisions by January 1.

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Legislation that Kills Fiduciary Rule and Reforms SEC Faces Uncertain Future

June 16, 2017
The full U.S. House of Representatives passed the Financial CHOICE Act this month. While its passage may be welcomed by those who want to see the DOL Fiduciary Rule killed and the SECís use of administrative hearings curtailed, both they and opponents should note that it has a long way to go before becoming law.

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Decision Not to Enforce Fiduciary Rule Leaves Advisers and Brokers Hanging

June 2, 2017
It sounded so nice: The Department of Labor will not take enforcement actions against advisers, broker-dealers and others that may violate the DOLís Fiduciary Rule until January 2018. Left unsaid in the DOLís recent announcement, however, was what the ultimate fate of the Rule itself will be, and what asset managers should do between now and January to comply.

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House Bill Would Kill DOL Fiduciary Rule, Reform SEC

May 12, 2017
A bill that passed a key committee in the U.S. House of Representatives this month and may be voted on by the full House in the near future would repeal the Department of Laborís Fiduciary Rule. It would require the DOL to wait before reintroducing new fiduciary legislation until the SEC adopts a uniform definition of "fiduciary" for all. Whatever the DOL then adopts would have to fit within the SEC definition.

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IAA: Fiduciary Rule Definition Should Not Include Pre-Contract and Sales Discussions

April 21, 2017
Does the Department of Labor just not get it? Investment advisers are already fiduciaries, both under the Advisers Act and under ERISA Ė yet the DOLís Fiduciary Rule, as currently written, requires that advisers be fiduciaries not only after client contracts are signed, but during pre-contract and sales discussions. That is the view of the Investment Adviser Association, which, in an April 17 comment letter to the Department, makes clear that it wants that definition changed.

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DOL Fiduciary Rule Now Set to Take Effect June 9

April 7, 2017
The U.S. Department of Labor on April 4 issued what most industry experts pretty much expected: a Final Rule extending the applicability date of its Fiduciary Rule and related exemptions by 60 days, from the original date of April 10 to June 9. The Department will use that time to review and consider possible changes to the Rule and the exemptions.

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DOL Move to Delay Fiduciary Rule by 60 Days May Be Just the Beginning

March 3, 2017
Will the Department of Laborís Fiduciary Rule bite the dust before it even applies to the financial institutions it is meant to cover?

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Trump’s DOL Fiduciary Rule Action Leaves Advisers and Brokers Hanging

February 10, 2017
With a stroke of a pen, President Donald Trump on February 3 upended six years of effort behind the Department of Labor Fiduciary Rule. His "presidential memorandum" left advisers, broker-dealers and other financial institutions that work with ERISA-based retirement plans in a state of uncertainty.

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DOL Wins First Fiduciary Rule Challenge, But Trump Waits in the Wings

November 11, 2016
Will Donald Trump upset the Department of Laborís Fiduciary Rule applecart after he takes office on January 20? The DOL on November 4 won the first challenge brought against the Rule in federal court. But with a president-elect Trump due to take office in about 10 weeks, do these court cases really matter? Does the Final Rule really matter?

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DOL Fiduciary Rule: What It Means for Advisers

July 8, 2016
The Department of Labor Fiduciary Rule is the subject of a lot of confusion and is raising a lot of questions Ė not only among investment advisers, but among attorneys and others who advise the advisers. Chief compliance officers at advisory firms want to know if the Rule applies to their firms, how it affects their firmsí relationships with retirement clients, and how their firmsí compensation may be affected.

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DOL Fiduciary Rule: Retirement Fund Managers Should Pay Attention

April 8, 2016
The new fiduciary rule unveiled by the Department of Labor on April 6 is not just for broker-dealers. Investment advisers and any other financial entities providing retirement investment recommendations are affected. As with most government regulations, more work is likely to be required.

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Coding Error Settlement: Compliance Requires More Than a Narrow Reading of Policies

January 31, 2014
Donít interpret your compliance polices so narrowly that you fail to do whatís right. You may just end up fooling yourself Ė and leaving your firm liable to SEC action.

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Latest Fiduciary Standard Wrinkle: Bill Would Move Some Oversight to Treasury

July 26, 2013


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ERISA "Fiduciary" Proposal Targeted for July

February 19, 2013


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Employees’ 401(k) Suit Against Ameriprise Financial Moves Forward

December 12, 2012


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SEC Extends Temporary Registration Rule for Municipal Advisors

October 14, 2012


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