Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) this afternoon, and we cover it here in two memos. In one memo, we cover the economic stabilization, small business and bank regulatory sections of the legislation. In the other memo, we cover tax
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Edmond T. FitzGerald
Mr. FitzGerald is a partner in Davis Polk’s Corporate Department and head of the Executive Compensation Group. [Full Bio]
DOL Fiduciary Rule on Life Support
By Edmond T. FitzGerald, Veronica M. Wissel, Charles Shi, Stefani Johnson Myrick & Timothy John Durbin on
Posted in DOL Fiduciary Rule, Executive Compensation
Last week, the U.S. Court of Appeals for the Fifth Circuit, in a 2-1 decision, vacated the DOL fiduciary rule in its entirety. The lawsuit was brought by the U.S. Chamber of Commerce, SIFMA and a number of other business groups to challenge the validity of the fiduciary rule,…
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Delay of Full Applicability Date of Exemptions Related to Fiduciary Rule Now Official
As expected, the DOL has officially delayed the applicability date of the full requirements of the Best Interest Contract (BIC) Exemption, Principal Transactions Exemption and PTE 84-24 by 18 months, from January 1, 2018 to July 1, 2019. Our post from earlier this year described which requirements of these exemptions…
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Pay Ratio Disclosure Rule: The SEC’s Latest Guidance Should Ease Compliance Costs for Companies
By Beverly Fanger Chase, Jeffrey P. Crandall, Edmond T. FitzGerald, Jean M. McLoughlin, Veronica M. Wissel, Cynthia Akard, Travis Triano, Tricia Walsh, Kyoko Takahashi Lin & Ning Chiu on
Posted in Executive Compensation
On September 21, 201, the SEC issued guidance to assist companies in their efforts to comply with the pay ratio disclosure requirement mandated by the Dodd-Frank Act. Overall, the guidance should come as a relief to many companies.
Read the Full Memo »
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DOL Confirms Plan to Delay Full Applicability Date of Exemptions Related to Fiduciary Rule
Posted in DOL Fiduciary Rule, Trump Transition
As a follow-up to our prior post, the OMB has approved the DOL’s proposal to delay the full applicability date of the exemptions related to the fiduciary rule and shortly thereafter the DOL has issued a proposed rule that would further delay the applicability date of the currently-delayed requirements…
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DOL Has Taken Steps to Delay Certain Requirements of the Fiduciary Rule
By Edmond T. FitzGerald, Christopher Schell, Ann Becchina, Charles Shi, Timothy John Durbin & Vidal Vanhoof on
Posted in DOL Fiduciary Rule
The U.S. Department of Labor (DOL) has taken new steps to delay the full applicability date of its fiduciary rule and related exemptions, according to recent court filings. If the DOL’s intended delay comes to fruition, which is not certain, requirements that are currently delayed until January 1, 2018 will…
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RFI from DOL Signals More Uncertainty in the Future of Fiduciary Rule
Last Thursday evening, the DOL issued a Request for Information (RFI) on the fiduciary rule and related exemptions. While financial institutions and other service providers to retirement investors have been living under the fiduciary rule since June 9, many of them still take comfort in the fact that the more…
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DOL Fiduciary Rule: Officially Delayed for Now, with More to Come
Posted in DOL Fiduciary Rule, Final Rule
As expected, the DOL has officially delayed the applicability date of the fiduciary rule to June 9, 2017 (the rule was originally scheduled to become applicable on April 10, 2017). In a surprising move, rather than extend the entire rule for a longer period or set the stage for further…
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DOL Proposes 60-Day Delay of Fiduciary Rule Applicability
Posted in DOL Fiduciary Rule, Proposed Rule
The DOL’s proposal, published today, seeks to delay the applicability date of the fiduciary rule for 60 days and solicits comments on the rule’s impact on the financial services industry. In effect, starting today, the DOL will be running two parallel rulemaking processes: one expedited process to finalize…
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What’s Next for the DOL Fiduciary Rule?
Yesterday afternoon, President Trump issued a memorandum directing the DOL to review the fiduciary rule it released last April that expanded the definition of an investment advice fiduciary with respect to retirement investors. The fiduciary rule became effective on June 7, 2016, but the requirements under the rule would not…
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