Newsflash: Chipping Away - Does the DOL's Fiduciary Rule Continue to Be on the Chopping Block?

July 07, 2017

The U.S. Department of Labor (the “DOL”) published in the Federal Register on July 6, 2017 a Request for Information (the “RFI”) regarding the final regulation defining who is a “fiduciary” of an employee benefit plan as a result of giving investment advice for a fee or other compensation (the "Regulation") promulgated by the DOL under the Employee Retirement Income Security Act of 1974 and regarding the related series of new and amended "prohibited transaction" class exemptions that were published in connection with the Regulation (collectively, the "Rule"). The highly controversial Rule became the subject of a February 3, 2017 Presidential Memorandum (which we previously discussed here) that was viewed by some as laying the groundwork for the substantial scaling back or even demise of the Regulation. However, as previously discussed here, the Regulation ultimately became applicable on June 9, 2017.

Read "Newsflash: Chipping Away - Does the DOL's Fiduciary Rule Continue to Be on the Chopping Block?"