ERISA

DOL Wont Enforce Prohibited Transactions Claims in Light of Court Action

The last rites for the Department of Labors Fiduciary Rule are turning out to be an extended affair.

DOL Fiduciary Rule Tossed Out by Appellate Court

Things are beginning to look pretty gloomy for the Department of Labors Fiduciary Rule. A U.S. Court of Appeals for the 5th Circuit three-judge panel this month struck down the entire Rule, describing it as "backdoor regulation." With the SEC now working on its own fiduciary regulations that may prove dominant in this area, the DOL is now faced with the question of whether the appellate court ruling is worth appealing.

DOL Finalizes18 Month Delay for Fiduciary Rule Exemptions

What everyone expected to happen, happened on November 29. The Department of Labor published in the Federal Register its decision to extend the transition period for compliance with three Fiduciary Rule exemptions by 18 months: from January 1, 2018 to July 1, 2019. It also extended its non-enforcement policy regarding those exemptions for the same time period.

SEC Work with DOL on Standards of Conduct Already Underway

SEC chairman Jay Claytons 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 - and let Congress and the public know that collaboration with the Department of Labor on these standards has already begun.

DOL Proposes Fiduciary Rule Exemptions Delay, Considers Further Measures

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.

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

More than 90 comments have been received by the SEC to date in response to agency chairman Jay Claytons 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.

DOL Proposes Delaying Fiduciary Rule Exemptions to July 2019

It seems compliance with various aspects of the Department of Labors 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.

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

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.

Legislation that Kills Fiduciary Rule and Reforms SEC Faces Uncertain Future

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 SECs use of administrative hearings curtailed, both they and opponents should note that it has a long way to go before becoming law.

Decision Not to Enforce Fiduciary Rule Leaves Advisers and Brokers Hanging

It sounded so nice: The Department of Labor will not take enforcement actions against advisers, broker-dealers and others that may violate the DOLs Fiduciary Rule until January 2018. Left unsaid in the DOLs 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.

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.