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COLLECTED WISDOM™ on the DOL and SEC Fiduciary Rules

This archive contains not only the most current material on the topic, but also older items that are still relevant, provide background, perspective or are germane to the topic.

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Other topical areas you may find of interest include Fiduciary Responsibility and Liability Issues and Fiduciary Related News and Intelligence.

Contents

General Articles and Papers

Advice Standards Packages From the SEC and DOL Expected by September 2019

Abstract: The Securities and Exchange Commission's advice standards package and the Labor Department's revised fiduciary rule are both expected to be finalized by September 2019, ThinkAdvisor writes. As part of the SEC package, there will be changes to Regulation Best Interest and the Customer Relationship Summary, according to SEC Chairman Jay Clayton, the publication writes.

Source: Thewealthadvisor.com, December 2018

How the DOL Fiduciary Rule Proposal Affected Fund Flows

Abstract: When the Labor Department proposed its fiduciary rule in 2015, its key objective was to reduce the effect of conflicts of interest on the advice investors rely on to save for retirement. When we examine the data, we see that the DOL fiduciary rule proposal was successful in mitigating lower returns resulting from conflicted advice in the two years after the rule was proposed. Now as the Labor Department rule has been struck down by the courts, the question is, will the SEC turn its Regulation Best Interest proposal into a workable regulation that maintains these positive trends for investors?

Source: Morningstar.com, December 2018

SEC Investor Advisory Committee Calls for Stronger Best Interest Regulations

Abstract: The committee says the SEC should explicitly explain that Regulation Best Interest is a fiduciary duty shared equally by advisers and broker/dealer to act in their customers' best interest.

Source: Planadviser.com, November 2018

Broker-Dealers as Fiduciaries After the DOL Rule Vacatur

Abstract: The purpose of this 14-page article is to explain a broker-dealer's obligation when it provides recommendations to accounts subject to ERISA and the Code post-vacatur. Additionally, it looks at where broker-dealer activities may be headed considering the SEC's proposed Regulation Best Interest and compare that to what is required under ERISA and the Code. Many broker-dealers, particularly if they provide investment advice, will find complying with an SEC "best interest" standard and the fiduciary and prohibited transactions of ERISA and the Code quite challenging.

Source: Groom.com, October 2018

DOL to Introduce New Fiduciary Rule

Abstract: The never-ending story of the Department of Labor's efforts to implement and enforce a fiduciary rule could soon roar back to life, with the DOL signaling September 2019 as the target. Appearing on the Office of Information and Regulatory Affairs website, the department says it's considering regulatory options in light of the Fifth Circuit opinion, which vacated the DOL's new regulatory definition of a fiduciary.

Source: 401kspecialistmag.com, October 2018

DOL Likely to Address Fiduciary Rule Again Next Year

Abstract: The agency released a regulatory agenda on Thursday that indicates that it will consider "regulatory options" to respond to the U.S. Fifth Circuit Court of Appeals decision in March to vacate the rule, which would have required brokers in retirement accounts to act in the best interests of their clients. The deadline for a proposal is September 2019.

Source: Investmentnews.com (registration may be required), October 2018

Standards of Conduct for Investment Professionals - Overlapping Protections for Broker-Dealer Retirement Customers

Abstract: The legal standards for broker-dealer firms and their representatives, particularly in the retirement market, continue to be in flux. BDs were among those most affected by the promulgation in 2016 of the DOL fiduciary rule under ERISA, which undertook to switch their legal status in the retirement market from securities selling firms to unconflicted fiduciary advisers. Thus, BDs are among those most affected by the vacatur of that rule. With the SEC "best interest" standard of care proposal, however, the regulatory environment continues to evolve. Article looks at the overlapping layers of regulation to which BDs could be subject in the retirement market.

Source: Eversheds-sutherland.com, October 2018

Why the SEC Will Never Enact a Meaningful Fiduciary Standard

Abstract: The author writes in this opinion piece, "I continue to enjoy reading analyses on the SEC's BI proposal. These are analyses from industry leaders, people who I greatly admire and respect. When people ask my opinion, I just tell them it is all just a cruel game, that the SEC has never intended to protect the public with a meaningful universal fiduciary standard, that the SEC will never do so, as it would jeopardize their own careers and risk incurring the wrath of Wall Street."

Source: Iainsight.wordpress.com, October 2018

Understanding the Unwinding of DOL's Fiduciary Rule

Abstract: This 14-page article discusses the implications of the Fifth Circuit's vacatur of the U.S. Department of Labor's fiduciary rule, best interest contract and principal transactions exemptions, and related amendments to other prohibited transaction exemptions, or PTEs, in Chamber of Commerce of the United States v. United States Department of Labor.

Source: Groom.com, September 2018

DOL Fiduciary Rule Post-Mortem: How Long Will the Taste Linger?

Abstract: The DOL's Fiduciary Rule has been vacated. In its stead we now have the SEC's "Best Interest" proposal. This is the first in a three-part series that will reflect on the past, present, and future of the fiduciary standard.

Source: Fiduciarynews.com, August 2018

Why You Should Still Take the Fiduciary High Ground on 401k Rollovers

Abstract: The Fifth Circuit Court of Appeals issued its mandate to vacate the Department of Labor fiduciary rule in June, but guidance issued by the DOL the month prior allows at least part of the rule to continue to apply. This anomaly has some profound ramifications for retirement advisers dispensing rollover advice.

Source: Investmentnews.com (registration may be required), August 2018

SEC Best Interest Proposals: What They Mean for Investment Advisors

Abstract: This 16-page paper focuses on the RIA Interpretation and its impact on investment advisors. In addition, it briefly discusses the proposed Form CRS relationship summaries and highlights some of the provisions that impact RIAs.

Source: Tdainstitutional.com, August 2018

Groups Say SEC's Best Interest Proposal Fails to Provide Uniform Fiduciary Standard

Abstract: Comments on the SEC's proposed best interest standards express concern that the standards fail to impose a uniform fiduciary standard or define key terms, most notably, what is a "best interest" standard.

Source: Planadviser.com, August 2018

DOL Fiduciary Rule Can Cause Litigation Risk From Beyond the Grave

Abstract: Although the Labor Department's fiduciary rule died in court in June, it can still cause litigation risk for firms that changed their policies to comply with the measure. If you adopted policies and procedures, you need to make sure you're following them, or, if you decide it is appropriate, change them back.

Source: Investmentnews.com (registration may be required), July 2018

States Start Knitting a Patchwork of Best Interest Fiduciary Regulations

Abstract: With the judicial defeat of the Obama-era DOL fiduciary rule hanging in the air, individual states are moving to establish their own best interest regulations for the sale and service of investment products; attorneys warn that more piecemeal regulation is likely, as are lawsuits to test some complex ERISA preemption issues.

Source: Planadviser.com, July 2018

How the DOL Fiduciary Rule Changed Norms

Abstract: The Department of Labor fiduciary rule might be history, but many financial professionals will continue to feel the effects of its rules for some time to come. They will feel that impact in two ways: from the changing norms fueled by the three-year interaction with the DOL rule; and from lingering department guidance that lives on.

Source: Insurancenewsnet.com, July 2018

State Enforcement Remains Risk in Wake of DOL Fiduciary Rule Sunset

Abstract: Massachusetts Securities Regulator Galvin wants the SEC "to re-draft its Regulation Best Interest for brokers and mandate a true fiduciary standard that investors deserve."

Source: Fiduciarygovernanceblog.com, June 2018

DOL Fiduciary Rule is Officially Vacated, Focus Shifts to SEC

Abstract: After nearly a decade in the making, the Department of Labor's fiduciary rule appears to be officially dead. Meanwhile, the SEC published proposed conflict of interest rules for broker-dealers and investment advisers.

Source: Erisapracticecenter.com, June 2018

The End of the DOL's Fiduciary Rule

Abstract: On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate vacating the controversial fiduciary rule issued by the U.S. Department of Labor in 2016. The mandate follows the court's opinion issued on March 15, 2018, which invalidated the rule. As a result of the mandate, the fiduciary rule is no longer effective nationwide.

Source: Bradley.com, June 2018

Lessons 401k Advisers Learned From the DOL Fiduciary Rule Saga

Abstract: Retirement plan advisers, especially specialists, used to complain that their broker-dealers and the public ignored them, or, worse, didn't realize they existed. All that has changed now that retirement has become a key political issue and retirement advisers have a target on their backs.

Source: Investmentnews.com (registration may be required), June 2018

Fifth Circuit Issues Mandate Vacating Fiduciary Rule

Abstract: On June 21, 2018, the United States Court of Appeals for the Fifth Circuit issued its mandate officially vacating in toto the DOL's 2016 Fiduciary Rule, including the Best Interest Contract, and the DOL's other related 2016 prohibited transaction exemptions. The mandate is the final step following the Fifth Circuit's March 15, 2018 judgement in U.S. Chamber of Commerce v. DOL, where the court held that the Fiduciary Rule was invalidly promulgated.

Source: Groom.com, June 2018

Why Fiduciary Status Still Matters in a Post-Fiduciary Rule World

Abstract: Previous industry assumptions that brokers and other "sellers" of investments generally were not fiduciaries under the 1975 regulation should no longer be relied upon. This article examines how the Fiduciary Rule's impending demise will affect prohibited transaction and compensation issues for broker-dealers in light of their likely continuing status as fiduciaries.

Source: Brokerdealerlawblog.com, June 2018

SEC Best-Interest Proposal Doesn't Affect 401k Brokers

Abstract: While the SEC has proposed to impose a limited, or transaction-based, best-interest standard on broker-dealers, that only applies to investment recommendations made to "retail customers." Based on the SEC's definitions, it does not appear that, for the court, retirement plans are retail customers. As a result, broker-dealer investment recommendations to retirement plans would not be covered by the best-interest standard.

Source: Investmentnews.com (registration may be required), June 2018

It's Official: U.S. Rule to Protect Retirement Savers Is Dead

Abstract: The last deadline for resuscitating the fiduciary rule passed when the government declined to ask the U.S. Supreme court to reconsider the appeals court’s decision. The prospect of holding advisers accountable to retirement savers hasn't disappeared entirely, though. The SEC is considering its own version of the fiduciary rule, known as the best-interest rule.

Source: Bloomberg.com, June 2018

Plaintiffs Press for Fiduciary Rule 'Closure'

Abstract: The victorious plaintiffs in litigation vacating the Labor Department's fiduciary rule would like the U.S. Court of Appeals for the 5th Circuit to put the rule -- and the financial services industry at large -- out of its collective "misery."

Source: Asppa.org, June 2018

SEC's Regulation Best Interest Falls Short of Making Broker-dealers Fiduciaries

Abstract: The big takeaway is that the proposed SEC rules probably don't apply to advice given to retirement plan sponsors but would apply to advice given to participants in a workplace plan, especially as it pertains to rolling over their retirement accounts into an individual retirement account.

Source: Benefitnews.com, June 2018

The Legacy of the DOL Fiduciary Rule

Abstract: Even as the DOL's? fiduciary rule teeters on the edge of demise, its legacy will continue to profoundly influence how advice is delivered. Having caused significant shifts among advisers, firms and consumers, can the push for a higher investment-advice standard really be erased by one court's decision?

Source: Investmentnews.com (registration may be required), June 2018

States Ask 5th Circuit to Reconsider Fiduciary Ruling

Abstract: In a filing on May 16, the states explain that since the federal government "is no longer pursuing this appeal... the exceptional importance of the issues, and the grave harm the States will suffer as a result of the panel opinion -- billions of dollars in lost retirement income to their residents and tens of millions of dollars in lost tax revenue -- the States respectfully request that the Court reconsider its decision."

Source: Ntsa-net.org, May 2018

DOL Issues Temporary Enforcement Policy with Respect to Investment Advice Fiduciaries

Abstract: The FAB states that during the period from June 9, 2017 until after regulations or prohibited transaction exemptions or other administrative guidance have been issued, neither the DOL nor IRS will pursue prohibited transactions against investment advice fiduciaries who are working diligently and in good faith to comply with the impartial conduct standards for transactions that would have been exempted in the Best Interest Contract and Principal Transactions Exemptions, or treat such fiduciaries as violating the applicable prohibited transaction rules.

Source: Wagnerlawgroup.com, May 2018

DOL Announces Temporary Enforcement Policy in Response to Fifth Circuit Decision

Abstract: Under the FAB, DOL states that it "will not pursue prohibited transaction claims against investment advice fiduciaries who are working diligently and in good faith to comply with the impartial conduct standards for transactions that would have been exempted in the BIC Exemption and Principal Transactions Exemption, or treat such fiduciaries as violating the applicable prohibited transaction rules."

Source: Groom.com, May 2018

SEC Proposes New Interpretation of Fiduciary Duty

Abstract: The Proposed Interpretation sets forth the SEC's views of investment advisers' fiduciary duties under the Advisers Act, including the duties of care and loyalty, and the SEC's views on an investment adviser's ability to vary or modify the fiduciary duty. Such an interpretive proposal of an existing obligation, unlike a rule or form proposal, could have some legal effect from the date of its publication and could be cited in SEC enforcement proceedings.

Source: Akingump.com, May 2018

Legal Experts See Long Road Ahead for SEC Proposals

Abstract: A company 401k plan can be a great asset for an employer, with the three Rs resulting when the plan is thoughtfully designed and managed. Consulting with knowledgeable service providers, plan sponsors can construct a plan that will Recruit, Retain and Retire. The beneficiaries will be employer and employee alike.

Source: Asppa.org, May 2018

SEC Best Interest Standard is Major Departure From DOL Fiduciary Guidance

Abstract: A company 401k plan can be a great asset for an employer, with the three Rs resulting when the plan is thoughtfully designed and managed. Consulting with knowledgeable service providers, plan sponsors can construct a plan that will Recruit, Retain and Retire. The beneficiaries will be employer and employee alike.

Source: Ascensus.com, May 2018

The Fate of the Fiduciary Rule: What is Not Affected

Abstract: While we won't know until the end of the month whether the DOL fiduciary rule will survive beyond May 7, there are some activities that won't be affected, regardless of what happens. This article reviews four of these activities.

Source: Brokerdealerlawblog.com, April 2018

Fiduciary Proposal: Revenge of the SEC

Abstract: This article provides an overview of the core provisions of the SEC's Best Interest Package, as well as high-level observations on how it tracks or departs from the DOL's Fiduciary Rule.

Source: Groom.com, April 2018

SEC's Fiduciary Rule Could Erase Question of Labor Dept. Appeal

Abstract: The SEC unveiled its take on a fiduciary rule late April 18, and the proposed rule includes elements that echo the DOL's embattled fiduciary rule. That could make it easier for the DOL to walk away from its own fiduciary rule and not appeal a recent court decision that vacated it, sources told Bloomberg Law.

Source: Bna.com (registration may be required), April 2018

It's Not Deja Vu, It's a Brand New Best Interest Rule Making Debate

Abstract: The release of a thousand-page "best interest" rule making package by the SEC applying to all brokers and investment advisers is being hailed as a victory by some and a deep disappointment by others; either way, it's the start of another long chapter in the epic industry battle over federal conflict of interest regulations.

Source: Planadviser.com, April 2018

SEC Proposes Revised Conflict of Interest Standards for Brokers and Advisers

Abstract: It will take time for the fully detailed picture to emerge, but the SEC voted late Wednesday to propose new conflict of interest standards for how broker/dealers and financial advisers label themselves and sell products under various fee structures to retail clients.

Source: Planadviser.com, April 2018

SEC Rolls Out Best Interest, Fiduciary Proposal

Abstract: The SEC release for public comment a set of proposals to enhance the quality and transparency of investors' relationships with investment advisers and broker-dealers while preserving access to a variety of types of advice relationships and investment products.

Source: Ntsa-net.org, April 2018

SEC Fact Sheet on Proposed Best Interest Standard

Abstract: Under proposed Regulation Best Interest, a broker-dealer would be required to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. In addition to its proposed regulation, the SEC also issued this Fact Sheet on its proposed best interest regulation.

Source: Benefitsforward.com, April 2018

SEC Proposed Interpretation of Best Interest Standard of Conduct

Abstract: Along with the issuance of its proposed regulations, the SEC is also publishing a proposed interpretation of the standard of conduct and request for comments.

Source: Benefitsforward.com, April 2018

SEC Proposed Rule on Best Interest Standard

Abstract: The SEC has issued a proposed regulation establishing a standard of conduct for broker-dealers and those associated with broker-dealers when making recommendations of securities transactions or investment strategies involving securities to retail customers.

Source: Benefitsforward.com, April 2018

The Future of the ERISA Fiduciary Rule

Abstract: The future of the Fiduciary rule is uncertain, particularly considering the Fifth Circuit's decision vacating the rule. Although recent developments do not require action at this time, plan fiduciaries should continue to keep apprised of the necessity of complying with the Fiduciary rule and, accordingly, continue to monitor the efforts of their service providers who provide investment advice to their retirement plans and plan participants.

Source: Pillsburylaw.com, April 2018

SEC Announces Open Meeting on Fiduciary Issues

Abstract: Tontine is a fancy word for betting on how long you'll live, in a good way. Here's the concept in a nutshell: many people pool their money in return for guaranteed regular payouts for life, similar to an annuity. This 6-page paper takes a close look at an idea that is tossed around among finance experts: modifying tontines to use them as a source of retirement income.

Source: Bc.edu, April 2018

A Closer Look at the 5th Circuit Decision Vacating the Fiduciary Rule

Abstract: After the Fifth Circuit's ruling, a number of US law firms issued client advisories concerning the impact of the Fifth Circuit's decision on the rule. There has been some confusion as to whether the Fifth Circuit's ruling had a nationwide effect or, in light of the decisions upholding the rule, was limited to the jurisdiction of the Fifth Circuit.

Source: Kattenlaw.com, April 2018

Overview Articles

New Conflict of Interest FAQ

Abstract: This FAQ provides information on (1) a "fiduciary status disclosure" issue under the DOL's ERISA section 408(b)(2) service provider disclosure regulation that applies to ERISA pension plans, (2) whether recommendations to plan participants and IRA owners to contribute to or increase contributions to a plan or IRA constitute fiduciary investment advice under the Fiduciary Rule, and (3) whether recommendations to employers and other plan fiduciaries on plan design changes intended to increase plan participation and contribution rates constitute fiduciary investment advice under the Fiduciary Rule.

Source: Dol.gov, August 2017

DOL's 2016 Fiduciary Rule: Background and Issues

Abstract: This updated 28-page report was prepared by the Congressional Research Service and provides an in-depth background and overview of the DOL's fiduciary rule along with the rationale for the rule and stakeholders perspectives.

Source: Fas.org, July 2017

DOL's Conflict of Interest FAQs (Part II - Rule)

Abstract: Set out here are several FAQs regarding implementation of the conflict of interest final rule. Since the publication of the Rule last April, the DOL has held many meetings with stakeholders to assist in their compliance efforts. Many of the questions they raised related to the various Rule provisions that draw lines between fiduciary and non-fiduciary communications. Like the FAQs the DOL issued in October, these FAQs focus particularly on specific technical questions raised by financial service providers.

Source: Dol.gov, January 2017

Consumer Protections for Retirement Investors - FAQs on Your Rights and Financial Advisers

Abstract: The DOL's recently adopted Conflict of Interest Rule protects retirement investors by requiring advisers to adhere to a fiduciary standard and give advice that is in the investor's best interest. This FAQ provides information about the Rule and related protections so that one can better understand their rights and benefits. At the end of these FAQs is attached a list of questions that a retirement plan investor can ask their financial adviser.

Source: Dol.gov, January 2017

Conflict of Interest Exemptions FAQs Released

Abstract: This DOL FAQ provides additional guidance on application of the exemptions' terms. This guidance, like the Rule and related exemptions, is generally limited to advice concerning investments in IRAs, ERISA-covered plans, and other plans covered by section 4975(e)(1) of the Internal Revenue Code.

Source: Dol.gov, October 2016

Who's a Fiduciary Now? Understanding the DOL's New Definition

Abstract: The sky isn't falling, but in a very real sense the retirement world is changing with the release of the DOL's final regulation that more broadly defines who is an "investment-advice" fiduciary for purposes of ERISA. This is a 14-page review from the law firm Spencer Fane.

Source: Spencerfane.com, May 2016

DOL Issues Final Fiduciary Rule: A Comprehensive Overview

Abstract: The DOL issued a final rule defining the term fiduciary for investment advisers and brokers providing investment advice to participants and beneficiaries of employee benefit plans governed by ERISA and individual retirement accounts. The final rule makes several modifications and clarifications to the proposed rule. In conjunction, the DOL also issued amended versions of prohibited transaction exemptions.

Source: Practicallaw.com, April 2016

An Overview of the Fiduciary Rule

Abstract: Based on Fred Reish's review of the DOL's fiduciary rule and conversations with his clients, here are some of his overview thoughts about the regulation and the two distribution exemptions (84-24 and BICE).

Source: Fredreish.com, April 2016

Lawsuits Against the Rule

Fifth Circuit Vacates DOL Fiduciary Rule "In Toto"

Abstract: In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the DOL's fiduciary rule, deciding in favor of several leading financial services industry trade associations. This article examines the impact of this decision and provide suggestions on what financial institutions should be thinking about.

Source: Morganlewis.com, March 2018

Fifth Circuit Strikes Down DOL Fiduciary Rule

Abstract: The Fifth Circuit on March 15 vacated DOL regulations that redefined the circumstances in which a person who provides invest. advice in connection with a retirement plan or individual retirement arrangement acts as a fiduciary under ERISA. The opinion came two days after the 10th Circuit the same regulations.

Source: Ballardspahr.com, March 2018

DOL Rule Struck Down in Court: Will Fiduciary Standards Prevail?

Abstract: The Fifth Circuit Court put the kibosh on the Department of Labor fiduciary rule. According to the court, the rule "overreached" and was "unreasonable." Clearly, that stirs up a lot of uncertainty.

Source: 401ktv.com, March 2018

Thrivent, DOL Both Win in Fiduciary Rule Case

Abstract: Unlikely as it would seem, both Thrivent Financial and the DOL could be considered winners when a U.S. District Court judge on November 3, 2017, granted an injunction against a key aspect of the DOL's investment fiduciary guidance.

Source: Ascensus.com, November 2017

Fifth Circuit Oral Arguments -- A New Hope for Fiduciary Rule Opponents?

Abstract: During oral argument in Chamber of Commerce v. Acosta, Judge Jones not only peppered both parties with questions that appeared to be largely based on the Chamber of Commerce's briefs, but also raised a new argument about why the Fifth Circuit need not defer to the DOL's analysis. Should Judge Jones and at least one of the other members of the panel side with the Chamber of Commerce, the Fiduciary Rule could be vacated.

Source: Groom.com, August 2017

Trial Lawyers Want to Defend Fiduciary Rule in Court

Abstract: Industry groups that support the Labor Department's fiduciary rule came out swinging in new legal briefs, one of which offers to defend in court a key provision of the rule that the DOL is no longer defending.

Source: Bna.com (registration may be required), July 2017

DOL Files Fiduciary Lawsuit Brief Defending Advisory Market Authority

Abstract: The DOL argues it must not lose its broad authority to regulate the workplace retirement planning market, notwithstanding the fact that it may very well decline to aggressively enforce the fiduciary rule under President Trump.

Source: Planadviser.com, July 2017

Fiduciary Litigation: Another One Bites the Dust

Abstract: Plaintiffs seeking to obtain an emergency injunction blocking the DOL's fiduciary regulation were rebuffed again by the U.S. Court of Appeals for the Fifth Circuit. The denial kept the DOL's fiduciary litigation streak unblemished.

Source: Asppa.org, April 2017

Texas Judge Shoots Down Latest Effort to Halt DOL Fiduciary Rule

Abstract: Opponents of the Department of Labor's fiduciary rule were dealt another blow Monday, when Chief Judge Barbara M.G. Lynn of the U.S. District Court for Northern Texas denied the financial trade association plaintiffs' motion for an injunction to stop the regulation.

Source: Investmentnews.com (registration may be required), March 2017

DOL Retains Perfect Record in Fiduciary Rule Challenges

Abstract: The Labor Department's fiduciary rule survived yet another legal challenge when a federal judge in Kansas upheld the rule on its merits after previously refusing to block the rule's enforcement.

Source: Bna.com (registration may be required), February 2017

Kansas Judge Again Upholds DOL Fiduciary Rule

Abstract: Judge Daniel D. Crabtree granted summary judgment to DOL in a lawsuit filed by Market Synergy Group, a Topeka insurance agency that develops fixed index annuities and other proprietary insurance products.

Source: Investmentnews.com (registration may be required), February 2017

Dallas Court Approval Thwarts Trump's Attempt to Block DOL Rule

Abstract: A Dallas federal judge's decision on Wednesday to uphold the Labor Department's fiduciary rule buttresses supporters' efforts to prevent the Trump administration from overturning the rule.

Source: Investmentnews.com (registration may be required), February 2017

D.C. Court of Appeals Denies Emergency Request to Halt Conflict of Interest Rule

Abstract: The U.S. Court of Appeals for the District of Columbia Circuit denied the emergency request from the National Association for Fixed Annuities for an injunction blocking the implementation of the Department of Labor's conflict of interest rule and related exemptions.

Source: Erisapracticecenter.com, December 2016

NAFA Loses Another Round in DOL Fiduciary Fight

Abstract: The D.C. Circuit Court of Appeals on Thursday denied a motion for an emergency injunction of a Labor Department investment advice rule, leaving it in place as the Trump administration comes into office.

Source: Investmentnews.com (registration may be required), December 2016

Labor Department Wins Another Round in Fiduciary Rule Suits

Abstract: The Department of Labor's fiduciary rule withstood another round of judicial scrutiny when a federal judge in Kansas refused to block the rule from being enforced.

Source: Bna.com (registration may be required), November 2016

DOL Fiduciary Rule Won't Be Delayed, Judge Says

Abstract: The Department of Labor's fiduciary rule won't be delayed while a federal appeals court considers a legal challenge to the rule, a federal judge concluded.

Source: Bna.com (registration may be required), November 2016

Fiduciary Rule Survives First Court Challenge - Will Other Courts Follow?

Abstract: A district court in Washington D.C. has just handed the DOL a significant victory in its efforts to derail legal challenges to the fiduciary rule. The decision itself is 92 well-reasoned pages, and contains a clear refutation of the arguments put forth by NAFA in challenging the rule. The court not only refused to enjoin the regulations on an interim basis, but made a final ruling on summary judgement.

Source: Cohenbuckmann.com, November 2016

Federal Court Rejects NAFA Attempt to Kill DOL Fiduciary Rule

Abstract: In a victory for the Department of Labor, a federal judge rejected an attempt by an insurance trade group to strike down its new fiduciary rule for retirement advice. The DOL and Mr. Perez still face five lawsuits from firms and industry trade groups seeking to stop the new fiduciary rule.

Source: Investmentnews.com (registration may be required), November 2016

DOL Scores Win in First Legal Challenge to Fiduciary Rule

Abstract: A federal judge handed the DOL a decisive win in its first legal defense of the fiduciary rule. U.S. District Court Judge Randolph Moss in Washington denied the National Association for Fixed Annuities' request for a preliminary injunction to halt the rule's implementation, scheduled to begin next April.

Source: Financial-Planning.com, November 2016

Update on Lawsuits Challenging the DOL's Fiduciary Rule

Abstract: In this Proskauer Rose LLP update on the litigation challenging the U.S. Department of Labor's new fiduciary rule, they note that there has been a sixth lawsuit filed and oral arguments in two other cases.

Source: Erisapracticecenter.com, October 2016

Thrivent Financial Challenges DOL Fiduciary Rule

Abstract: Thrivent Financial for Lutherans is accusing the DOL of exceeding its statutory authority by attempting, with its new fiduciary rule, to force all disputes into federal court rather than allowing for alternative dispute resolution methods.

Source: Bna.com, September 2016

Judge's Questions Show Inclination to Uphold DOL Fiduciary Rule

Abstract: Federal judge Randolph Moss didn't state his position Thursday regarding how he will rule on a lawsuit against a major Labor Department investment-advice regulation. But his questioning of plaintiffs and defense attorneys during a hearing that lasted more than three hours indicated he is probably leaning toward upholding the regulation and not granting the preliminary injunction being sought by the National Association of Fixed Annuities.

Source: Investmentnews.com (registration may be required), August 2016

DOL Responds to Fiduciary Rule Lawsuit

Abstract: In a reply to complaints brought against it by the National Association for Fixed Annuities, the DOL says it is entitled to summary judgment on all claims, and the court should deny NAFA's motion for summary judgment and a preliminary injunction. Article reviews its several arguments.

Source: Planadviser.com, July 2016

Does DOL Fiduciary Rule Create a New Right to Sue?

Abstract: The lawsuit by a fixed annuity lobbying group challenges the rule on six counts, but the key question is whether the rule creates a new private right of action.

Source: Thinkadvisor.com, July 2016

Litigation Schedule Set for Suits Against DOL Fiduciary Rule

Abstract: Financial industry trade groups and the DOL have agreed to a litigation schedule that could render a decision in October on several lawsuits seeking to stop an investment advice regulation.

Source: Investmentnews.com (registration may be required), June 2016

Two More Groups File Lawsuits Against the DOL Fiduciary Rule

Abstract: The list of lawsuits against the Labor Department got longer as two more industry groups joined three others in taking aim at the fiduciary rule in court. Labor Secretary Thomas Perez has vowed to vigorously defend the rule.

Source: Investmentnews.com (registration may be required), June 2016

Carriers Join Fourth Lawsuit Against DOL Fiduciary Rule

Abstract: The Indexed Annuity Leadership Council filed a fourth lawsuit today against the Department of Labor and Secretary Thomas Perez over its controversial fiduciary rule. It is the first lawsuit featuring carriers as plaintiffs. American Equity Investment Life Insurance is among the four carriers joining IALC in the lawsuit, which was filed in U.S. District Court Northern District of Texas.

Source: Insurancenewsnet.com, June 2016

Business and Trade Groups Bring First Lawsuits Challenging DOL Fiduciary Rule

Abstract: Several groups representing financial institutions, insurance companies, and other businesses filed two federal lawsuits that seek to strike down the DOL’s recently finalized fiduciary rule. As described here, the plaintiffs are alleging that the DOL did not have the regulatory authority to issue the fiduciary rule and related exemptions, and that DOL did not follow the requirements of the Administrative Procedure Act.

Source: Groom.com, June 2016

Lawsuit Against DOL Fiduciary Rule Seen as 'Weak'

Abstract: Opponents have finally filed an anticipated lawsuit challenging the Labor Department's rule to raise investment advice standards for retirement accounts, but some observers say arguments levied against the regulation are flimsy and exaggerated. Knowledgeable sources say the DOL has the authority to write rules governing who is and isn't a fiduciary in both the ERISA-plan world and IRA market.

Source: Investmentnews.com (registration may be required), June 2016

Labor Secretary Perez Defends Fiduciary Rule

Abstract: U.S. Secretary of Labor Thomas E. Perez today issued this statement regarding a lawsuit filed to stop the DOL's recently released fiduciary rule.

Source: 401khelpcenter.com, June 2016

Lawsuit Challenges DOL's Fiduciary Rule

Abstract: Retirement industry trade groups filed on June 1st a legal challenge to the Department of Labor's fiduciary rule for brokers and registered investment advisers serving Americans with Individual Retirement Accounts and 401k plans.

Source: 401khelpcenter.com, June 2016


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