The New Fiduciary Rule (42):The Regulation and Exemptions are Stayed (2)—What Remains?
Key Takeaways Shortly after the DOL’s new regulation defining fiduciary advice and amended Prohibited Transaction Exemptions 2020-02 and 84-24 were finalized, two lawsuits were filed in Federal District Courts in Texas. The lawsuits sought to “vacate”, or overturn, the regulation and exemptions as being beyond the authority of the DOL. In addition, the plaintiffs requested […]
The New Fiduciary Rule (4): A Relationship of Trust and Confidence
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 retirement plans, participants (including rollovers), and IRAs. Key Takeaways The Department of Labor’s proposed fiduciary “package” includes a new definition of nondiscretionary fiduciary investment […]