ERISA's Fiduciary Rule – Not Dead Yet, Not Dead . . . Ever?

May 26, 2017

It has been a long and winding road for the amended fiduciary regulation (the "Regulation") of the U.S. Department of Labor (the "DOL") under the Employee Retirement Income Security Act of 1974 ("ERISA"). The highly controversial Regulation, which defines non-discretionary “investment advice” for ERISA purposes, was criticized by several senior officials within President Trump's administration (as well as by the President himself), and eventually was the subject of a February 3, 2017 Presidential Memorandum that was viewed by some as laying the groundwork for the substantial scaling back or even demise of the Regulation. The DOL has now made clear this week that the Regulation will be going into effect in part on June 9, as discussed below.

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