DOL Fiduciary Rule

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Financial services regulatory reform in 2018 is complex and evolving. To assist in navigating this landscape, we have prepared a reference tool that provides context and summarizes current developments across a range of key regulatory areas, agencies and actors.  We will continue to track these issues and provide updated versions…
Continue Reading Davis Polk Financial Services Regulatory Reform Tool–March 2018

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,…
Continue Reading DOL Fiduciary Rule on Life Support

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…
Continue Reading Delay of Full Applicability Date of Exemptions Related to Fiduciary Rule Now Official

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…
Continue Reading DOL Confirms Plan to Delay Full Applicability Date of Exemptions Related to 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…
Continue Reading DOL Has Taken Steps to Delay Certain Requirements of the Fiduciary Rule

Jay Clayton’s first public speech on Wednesday as Chairman of the SEC foretold few, if any, sweeping regulatory changes at the Commission. His remarks, delivered to the Economic Club of New York, outlined eight principles that will guide his approach to regulation, which included support for the agency’s historic…
Continue Reading In His First Speech as Chairman, Clayton Presages Few Major Changes at the SEC

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…
Continue Reading RFI from DOL Signals More Uncertainty in the Future of Fiduciary 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…
Continue Reading DOL Fiduciary Rule: Officially Delayed for Now, with More to Come

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…
Continue Reading DOL Proposes 60-Day Delay of Fiduciary Rule Applicability

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…
Continue Reading What’s Next for the DOL Fiduciary Rule?