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U.S. Department of Labor Conflict of Interest Rule

What you need to know about the DOL Rule and how it may affect you.

The DOL Rule

The new fiduciary rule from the U.S. Department of Labor, introduced in April 2016, outlines sweeping changes to the manner in which financial professionals represent their clients. Enacted under the Employee Retirement Income Security Act of 1974 (ERISA) and designed to provide additional protections to consumers, the rule requires a best-interest standard of dealing with clients where, in some instances, a suitability standard had existed. The new provisions are scheduled to take effect in April 2017. Here you’ll find information to help you understand the rule, how it may impact you and your business, and how you can best prepare for the changes coming as a result.

DOL: Final Rule

This document contains a final regulation defining who is a ‘‘fiduciary’’ of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA or the Act) as a result of giving investment advice to a plan or its participants or beneficiaries. The final rule also applies to the definition of a ‘‘fiduciary’’ of a plan (including an individual retirement account (IRA)) under…

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It’s official: fiduciary rule is dead

June 14, 2018

The Labor Department rule, conceived by the Obama administration, was meant to ensure that advisors put their clients’ financial interests ahead of their own when recommending retirement investments.

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5th Circuit denies states’ second attempt to defend DOL fiduciary rule

May 22, 2018

The Fifth Circuit Court of Appeals denied another effort by attorneys general from California, New York and Oregon to defend the Labor Department’s fiduciary rule.

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Labor, IRS extend enforcement policy on a fiduciary rule that no longer exists

May 10, 2018

The Labor Department and Treasury Department will continue t non-enforcement policy with the fiduciary rule, as the U.S. Court of Appeals for the Fifth Circuit is expected to issue a mandate today enforcing its March decisions to vacate the Obama-era regulation.

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AARP, states fight to keep DOL rule alive

April 27, 2018

The consumer group, along with the attorneys general of California, Oregon, and New York, are seeking a rehearing by the fifth circuit, which vacated the DOL fiduciary rule.

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SEC Signals Start of Formal Broker Fiduciary Rule Examination

April 13, 2018

Back in mid-March, the United States Court of Appeals for the Fifth Circuit ruled, by a two-to-one majority, to vacate the Department of Labor (DOL) fuduciary rule expansion, based on arguments put forward by the U.S. Chamber of Commerce and the Securities Industries and Financial Markets Association.

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Fifth Circuit Court of Appeals vacates DOL fiduciary rule

March 16, 2018

The Fifth Circuit Court of Appeals vacated the Labor Department’s fiduciary rule in a split decision announced late Thursday afternoon, overturning a Dallas district court that was just as adamant in upholding the measure.

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Is title reform the answer to the fiduciary debate?

March 12, 2018

Could clearing up the decades old confusion over the role of a broker compared to that of an investment adviser be as easy as clarifying their professional titles?

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SEC chief promises ‘big effort’ on uniform fiduciary standard

February 28, 2018

Asked about his most pressing priorities, SEC Chairman Jay Clayton didn’t hesitate: he wants to level the playing field for investment advisors and broker-dealers.

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Court decision on DOL fiduciary rule expected in February

January 11, 2018

Opponents and advocates of the regulation have been waiting for months for the Fifth Circuit Court of Appeals in New Orleans to issue its opinion.

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Advisors must act in customers’ best interest: DOL Secretary

November 16, 2017

The U.S. Department of Labor may be postponing implementation of some fiduciary rule compliance rules and procedures, but it still expects retirement advisors to provide impartial advice, and to act in the best interests of the consumers.  

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Jay Clayton tells lawmakers SEC is drafting its own fiduciary duty rule

October 5, 2017

SEC Chairman Jay Clayton told lawmakers on Wednesday that the agency is drafting a proposal for a fiduciary rule.

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OMB approves 18-month fiduciary rule delay

August 29, 2017

The Office of Management and Budget approved on Monday the 18-month delay for the more onerous provisions of the Labor Department’s fiduciary rule. The delay must now be finalized by Labor.

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DOL seeks to delay fiduciary rule until July 2019

August 10, 2017

Supporters of the Labor Department’s fiduciary rule are calling an 18-month implementation delay too long, while opponents are saying the postponement is needed to give the agency time to review the rule.

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DOL releases new round of fiduciary rule FAQs

August 8, 2017

The department of Labor (DOL) release a new round of FAQs Friday designed to help non-fiduciary advisors to plans navigate its complicated and controversial fiduciary rule.  

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The regulatory agenda for 2017 remains packed

August 4, 2017

Beyond the ongoing fiduciary rule RFI process, the DOL also has slated for this month an interim final rule about an amendment to its Abandoned Plan Program.

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House pushes new SEC-based fiduciary rule

July 20, 2017

There are multiple efforts going on in the house to repeal the DOL fiduciary rule, with several bills all in various stages of approval.

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Window opens to submit fiduciary rule RFI responses

July 7, 2017

The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) last week announced it would imminently circulate a request for information (RFI) in connection with its examination of the final fiduciary rule under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC).  

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House passes fiduciary rule-killing bill

June 9, 2017

The US House of Representatives yesterday passed a landmark legislation, the CHOICE Act, which amongst a broad overhaul of the financial sector eliminates the fiduciary rule.

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Conflict of interest FAQs

May 25, 2017

The following FAQs provide additional information on the transition period from June 9, 2017 to January 1, 2018.

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DOL fiduciary rule: what you need to know about Acosta’s decision

May 25, 2017

Labor Secretary Alexander Acosta confirmed Monday night that the agency’s fiduciary rule will become applicable on June 9.

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