Category Archives: Fiduciary Duty Rule
Fifth Circuit Strikes Down Entire DOL Fiduciary Duty Rule, Two Days After Tenth Circuit Upholds PTE 84-24: Supreme Court Up Next?
On Thursday, March 15, 2018, the Fifth Circuit vacated the DOL Fiduciary Duty Rule in its entirety, including the Best Interest Contract Exemption (BICE) and the amendments to Prohibited Transaction Exemption (PTE) 84-24, in Chamber of Commerce et al. v. … Continue reading
It is Increasingly Unlikely We Will Ever See Full Implementation of the DOL Fiduciary Duty Rule or the BICE
The DOL Rule’s application of a fiduciary standard to persons who make recommendations to retirement investors has been in effect since June 9, 2017. Since that time, it has become increasingly unlikely that full implementation of the Rule or the … Continue reading
States May Be Enacting Their Own Fiduciary Duty Rules: Are You Covered Under Your E&O Policy?
With full implementation of the DOL Fiduciary Duty Rule pushed back to July 1, 2019, questions linger as to whether the Rule will survive at all and, if so, to what extent. Now, state agencies and lawmakers are stepping into … Continue reading
Posted in Department of Labor (DOL), E&O Coverage, Fiduciary Duty Rule, Uncategorized
Tagged Capital Markets, DOL, E&O, Fiduciary Duty Rule
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DOL Moves Step Closer to 18-Month Delay on Fiduciary Duty Rule and BICE
On August 28, 2017, the Office of Management and Budget (OMB) approved the Department of Labor’s (DOL) proposal to delay the full applicability dates of the Fiduciary Duty Rule and the Best Interest Contract Exemption (BICE). The proposal still must … Continue reading
DOL Seeks Additional Delay on Fiduciary Duty Rule and BICE
The Department of Labor (DOL) is seeking once again to delay final implementation of the Fiduciary Duty Rule and the Best Interest Contract Exemption (BICE), leading to further speculation as to whether the full Fiduciary Duty Rule or BICE will … Continue reading
Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Uncategorized
Tagged BICE
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Should the DOL Fiduciary Duty Rule be Rescinded While the SEC Ponders its Own Standard?
On June 1, 2017, the Securities and Exchange Commission requested input regarding the DOL Fiduciary Duty Rule and the SEC’s development of its own fiduciary standard governing investment advice to retail investors. To view Chair Clayton’s public statement requesting Public Comments … Continue reading
Acosta and New DOL FAQs Confirm: Fiduciary Standard Will Take Effect June 9, But Expect Changes to the DOL Rule Before January 1, 2018
On May 22, 2017, new DOL Secretary Alexander Acosta published an Op-Ed piece in the Wall Street Journal (found here; a subscription to the Journal is required to access the piece), confirming that, as we previously suspected, the DOL will … Continue reading
SEC Chair and DOL Secretary Both Confirmed: Who Will Take Lead on Fiduciary Duty Rule?
On April 27, 2017, the Senate confirmed Alexander Acosta as the new Secretary of Labor, and on May 2nd, the Senate confirmed Jay Clayton as SEC Chairman. With Trump’s nominees for the respective positions now in place, some insiders expect … Continue reading
The Briggs Forum on Financial Markets: Securities, Insurance, Litigation and Regulation is Thursday, April 20
The Briggs Forum on Financial Markets: Securities, Insurance, Litigation and Regulation (formerly known as the Upper Midwest Securities Litigation and Enforcement Forum) is Thursday, April 20 at Windows on Minnesota, on the 50th floor of the IDS Center. Our exceptional … Continue reading
Are You Ready to Comply With the DOL Fiduciary Duty Rule If It Goes Into Effect on April 10? (Part III: Your E&O Policy)
We are now two weeks from the still-current April 10 implementation date of Department of Labor’s (DOL) Fiduciary Duty Rule. The DOL is still considering a proposed 60-day delay, but that delay might not be approved before April 10. And, … Continue reading
Dan Supalla
Lauren Lonergan