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June 2024 Issue of Legally Speaking
- Expect Focus - Life, Annuity, and Retirement Solutions (May 2024)
A review of developments in the life, annuity, and retirement solutions industry - DOL Releases New Fiduciary Rule, Broadens Definition of Investment Advice Under ERISA
The Department of Labor published its long-awaited final retirement security rule broadening the definition of who is an “investment advice fiduciary” under ERISA and the Internal Revenue Code, as well as changes to a number of prohibited transaction exemptions. This article discusses the new rule and next steps for financial institutions and providers.
- A Good Fit for Crypto? The House Passes FIT21
(May 2024) - District Court Vacates SEC’s Proxy Advisory Rule (April 2024)
- Climates Change SEC’s Disclosure Rules
Key takeaways from the final climate disclosure rules adopted by the SEC. - Department of Labor’s final Fiduciary Rule 4.0
An initial analysis of the Final Rule 4.0 regarding ERISA fiduciary investment advice.
- DOL Finalizes Changes to Other Exemptions Through Mass Amendment
On April 25, 2024, the U.S. Department of Labor published its much-anticipated final regulation on the definition of “fiduciary” under section 3(21)(a)(ii) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This marks the latest chapter of the DOL’s long-running effort to expand the circumstances under which a person is considered an investment advice fiduciary for purposes of ERISA and the parallel provisions of the Internal Revenue Code of 1986, and to change the landscape of prohibited transaction exemptions available to those fiduciaries. - DOL Final Fiduciary Rule Released
On April 23, 2024, the Department of Labor released its new fiduciary investment advice definition in a package titled the Retirement Security Rule (the “2024 Package”). The 2024 Package is made up of four different components and represents a continuation of DOL’s efforts to expand the types of interactions between retirement savers and financial professionals that are subject to ERISA’s rules.
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