Department of Labor's Fiduciary Rule
May 09, 2018
The U.S. Department of Labor (DOL) on April 6, 2016 released the highly anticipated final version of its “investment advice” regulation (2016 Rule) and accompanying prohibited transaction exemptions, a milestone that was the culmination of a long, arduous and extremely controversial process to adopt new rules relating to the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 (ERISA) (and the corresponding provisions of the U.S. tax code). The 2016 Rule covered not only retirement plans subject to ERISA, but also individual retirement accounts and other non-ERISA plans.
Then, in 2018, the 2016 Rule was vacated by the courts, starting yet a new chapter in this arduous story. In 2020, the DOL released guidance taking into account the return of the regulation to its pre-amendment form, including a new "prohibited transaction" exemption, new interpretive guidance and other related authority.
Dechert’s ERISA team has been covering this story ever since it began to unfold, all the way back in 2010. The links below are to our extensive and comprehensive efforts to chronicle this long and still-continuing saga.
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- DOL Will Not Pursue Appeal of Federal Court Rollover Ruling, But Will the “Regular Basis” of Fiduciary Rule Developments Continue? (May 17, 2023)
- The Latest in the “Regular Basis” of DOL Fiduciary Rule Developments: Federal Court Vacates Certain Provisions Applicable to Rollover Advice (February 15, 2023)
- SEC Publishes Staff Bulletin on the Standards of Conduct for Broker-Dealers and Investment Advisers Making Account Recommendations to Retail Investors (June 13, 2022)
- Let it “Roll” (for a Little While): DOL Issues Limited Relief Regarding New Fiduciary Exemption (October 28, 2021)
- What Not to “Spare” When Dealing with IRA and Plan Rollovers (February 24, 2021)
- What Not to “Spare” When Dealing with IRA and Plan Rollovers (Feb. 24, 2021)
- Will ERISA’s Fiduciary Exemption “Rollover” to the New Administration? DOL Issues Year-End Package Relating to “Investment Advice” (Jan. 19, 2021)
- ERISA’s Fiduciary Saga Continues — DOL Issues Final Exemption with New Commentary (Dec. 22, 2020)
- What Did the DOL Just “Rollover” (and Roll Out)? – “A Primary Basis” for Understanding the New Proposed ERISA Exemption and Related Guidance (Jul. 17, 2020)
- “Rolling” Ahead with New Fiduciary Guidance - Proposed ERISA Exemption Provides Some Early July 4th Fireworks (June 30, 2020)
- Massachusetts Moves Forward With Proposed Fiduciary Duty for Broker-Dealers and Investment Advisers (Jan. 2, 2020)
- Newsflash: ERISA's Amended Fiduciary Rule - Done, Done, on to the Next One (June 14, 2018)
- Newsflash: Ding Dong - The Amended Fiduciary Rule Is (Almost) Dead (May 8, 2018)
- Fifth Circuit Opinion Vacates DOL Fiduciary Rule (Apr. 17, 2018)
- ERISA's Fiduciary Rule - Dead Yet? Game Over? Maybe, Maybe Not . . . (Mar. 23, 2018)
- Newsflash: ERISA's Fiduciary Rule Vacated - "When Congress Has Acted with a Scalpel, It Is Not for the Agency to Wield a Cudgel" (Mar. 16, 2018)
- The DOL's Fiduciary Rule and Sales/Marketing Activities (Oct. 2, 2017)
- Newsflash: Chipping Away - Does the DOL's Fiduciary Rule Continue to Be on the Chopping Block? (July 7, 2017)
- ERISA's Fiduciary Rule – Not Dead Yet, Not Dead . . . Ever? (May 26, 2017)
- DOL Charts a New Course for ERISA's Fiduciary Rule (Apr. 24, 2017)
- Newsflash: ERISA's Fiduciary Rule - Not Dead Yet? (Apr. 6, 2017)
- DOL Announces That It Will Not Take Enforcement Action in Regard to Compliance with the New Fiduciary Rule As Potential Repeal or Modification Remains Under Review (Mar. 13, 2017)
- Newsflash: ERISA's Fiduciary Rule at the Crossroads - DOL Puts the Brakes on Enforcement (Mar. 12, 2017)
- DOL Proposes 60-Day Delay in the Applicability Date of ERISA’s New Fiduciary Rule (Mar. 2, 2017)
- Newsflash: Tick Tock - Is the Clock Running Out for ERISA's New Fiduciary Rule? (Mar. 1, 2017)
- Newsflash: Ding Dong - Is ERISA's New Fiduciary Rule Dead? (Feb. 3, 2017)
- Some FAQ News Under ERISA - The DOL Issues Two More Sets of "Investment Advice" Q&As (Jan. 18, 2017)
- Newsflash: Has the Fiduciary Worm Turned? Freedom Caucus Targets the New ERISA "Investment Advice" Regulation (Dec. 18, 2016)
- DOL “Investment Advice” FAQs: Considerations for Investment Advisers, Broker-Dealers and Insurance Companies (Nov. 17, 2016)
- The DOL Issues “Investment Advice” FAQs – Continues to Try to Find an Ideal Balance for the Brave New Fiduciary World (Nov. 7, 2016)
- Mutual Fund Sales by Intermediaries – Fall-Out from DOL Fiduciary Rule and FINRA Enforcement (Oct. 26, 2016)
- Navigating the DOL’s New Fiduciary Rules: A Game Plan for Broker-Dealers (Aug. 30, 2016)
- The New DOL Fiduciary Rule: Impact on Mutual Fund Distribution (Aug. 30, 2016)
- The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules (May 26, 2016)
- DOL Proposes New ERISA “Fiduciary” Definition (Oct. 27, 2010)
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- The Courts’ Take on Obama-Era Regs: You are Erased - Law360 (Sept. 7, 2018)
- The Once and Former Amended Fiduciary Rule — Finally (Almost?) Dead Yet - Bloomberg BNA Tax Management Compensation Planning Journal, Bloomberg Law Benefits and Executive Compensation News and Bloomberg Law Daily Labor Report (May 30, 2018)
- Expert Q&A on Chamber of Commerce of the United States of America v. United States Department of Labor - Thomson Reuters Practical Law (Mar. 20, 2018)
- DOL's Fiduciary Rule - Death by a Thousand Cuts - Law360 (Sept. 11, 2017) and Financial Times' Ignites (Oct. 17, 2017)
- Navigating the DOL's New Fiduciary Rules: A Game Plan for Broker-Dealers - Bloomberg BNA Tax Management Compensation Planning Journal (Jan. 6, 2017)
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