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90 Matching News Items |
| 1. |
Dechert Comment Letter to SEC Regarding Standard of Conduct for Investment Advisers (PDF)
Dechert LLP 
Nov. 26, 2018
"[U]nless the standards provide appropriate flexibility to accommodate the vast diversity of advisers and clients, and allow for evolving and differing business models, they will harm advisers and clients, damage the industry, and stymie innovation. If the Commission decides to move forward with a final interpretation and does not withdraw the IA Proposal, we believe that the Commission must address a number of concerns."
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| 2. |
Not Quite QPAMdemonium: DOL Issues Final Changes to the QPAM Exemption
Dechert LLP
Apr. 8, 2024
"The Final Amendment imposes a variety of new requirements with potential impacts on both investment managers currently relying on (or those considering relying on) the QPAM Exemption and financial firms ... [F]or most market participants -- whether most large well-established investment managers managing Plan assets or financial counterparties and service providers with whom they trade -- Plan related business should not be substantially impacted."
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| 3. |
New Halloween Fiduciary Proposal May Be a Real Scream
Dechert LLP
Nov. 3, 2023
"[M]any of the concepts embedded in the Release's proposed new definition, as well as changes to several existing PTCEs may seem eerily reminiscent of the 2016 Fiduciary Rule.... [This article offers] initial reactions -- subject to revision and clarification -- as to what [the authors] believe would be the principal commercial impacts of the Release."
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| 4. |
DOL Will Not Pursue Appeal of Federal Court Rollover Ruling, But Will the 'Regular Basis' of Fiduciary Rule Developments Continue?
Dechert LLP
May 18, 2023
"While the ASA decision is the second vacatur issued by a Federal court concerning the DOL's attempts to recraft the definition or interpretation of what it takes to be an 'investment advice' fiduciary, it is also the second Federal case to cast doubts on the DOL's analysis in its 2020 interpretation of the Five-Part Test. Nevertheless, there are indications that the DOL is set to propose yet another regulation to amend the Five Part Test -- perhaps during this year." [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023; stipulation as to voluntary dismissal filed May 16, 2023; 11th Cir. No. 23-11266)]
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| 5. |
The Latest in the 'Regular Basis' of DOL Fiduciary Rule Developments: Federal Court Vacates Certain Provisions Applicable to Rollover Advice
Dechert LLP
Feb. 15, 2023
"Along with a September 2022 case in the Southern District of New York, the ASA Decision casts doubt on the DOL's 2020 interpretation of the 1975 Rule ... Additionally noteworthy is the fact that the ASA Decision marks the second vacatur that a Federal court has issued in connection with the DOL's efforts to recraft or interpret the investment advice fiduciary rule codified as the 1975 Rule[.]" [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023)]
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| 6. |
DOL Proposes Significant Changes to QPAM Exemption
Dechert LLP
Aug. 4, 2022
"The proposal would generally: [1] Substantially expand disqualification events.... [2] Impose a one-year winding-down period for the QPAM -- triggered on covered conviction or prohibited misconduct.... [3] Require written assurances and indemnities to plan clients.... [4] Mandate QPAM registration with the DOL for national database.... [5] Impose recordkeeping requirements on QPAM exemption compliance and compel access by regulators, plans and participants and beneficiaries.... [6] Offer new color on QPAM as required decision-maker.... [7] Increase client assets under management and shareholder equity thresholds."
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| 7. |
More ESGcitement from the DOL: New Proposed Investment/Proxy ERISA Regs (PDF)
Dechert LLP
Nov. 14, 2021
15 pages. "Some may be reading the Proposed Regulation's operative language as requiring fiduciaries to consider certain ESG and ESG-type factors when making their investment and investment-related decisions.... Competing policy objectives may well be at play here, with those favoring a more expansive use of ESG factors to advance a climate-based agenda confronting the very real legal safeguards imposed by ERISA in connection with Plans' economic returns."
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| 8. |
DOL Issues Limited Relief Regarding New Fiduciary Exemption
Dechert LLP
Nov. 1, 2021
"[To] the extent that financial institutions had planned to complete their required retrospective reviews on or before the previous December 20, 2021 deadline on a special (e.g., non-calendar) schedule, they may wish to reconsider that choice in light of [FAB 2021-02], which, by providing general transition relief through January 31, 2021, now extends the relief to beyond the end of calendar-year 2021."
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| 9. |
DOL Issues New Cybersecurity Guidance Under ERISA
Dechert LLP
Apr. 25, 2021
"The DOL guidance is multi-pronged and directed at all aspects of the retirement ecosystem. It provides guidance on cybersecurity best practices for plan sponsors, fiduciaries, record-keepers and participants and is designed to protect plan assets and reduce the risks of cybersecurity threats."
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| 10. |
Dealing with IRA and Plan Rollovers (PDF)
Dechert LLP
Feb. 24, 2021
22 presentation slides. "A prohibited transaction exemption will be required for a rollover to the extent the person is an investment advice fiduciary. Investment advice must meet all prongs of a 'Five-Part Test' to result in investment advice fiduciary status. Certain recommendations may constitute investment advice for these purposes."
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| 11. |
DOL Issues Final Fiduciary Exemption with New Commentary
Dechert LLP
Dec. 22, 2020
"The Release gives rise to at least three broad important considerations: [1] Change in administration, impacts to effective date and scheduled revocation of FAB 2018-02.... [2] DOL's interpretation of five-part test and impact on rollovers.... [3] The conditions of the final exemption."
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| 12. |
A Look at the Current State of ERISA Class Action Litigation
Dechert LLP
Nov. 23, 2020
"2020 was set to be a landmark year for ERISA litigation in the Supreme Court. Going into its 2019 term, the Supreme Court expressed a renewed interest in ERISA litigation, granting certiorari in three cases and delaying a fourth until its October 2020 term. But overall, the Court's decisions provided more questions than answers."
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| 13. |
ESG: An Overview for Asset Managers (PDF)
Dechert LLP
Dec. 13, 2019
16 pages. "ESG standards used by investors and managers are currently influenced by a variety of public and private organizations and initiatives. There is little guidance from governments or regulators on the best approach to implementing ESG standards, although ESG is now attracting greater focus from legislators and regulators ... This article focuses on ESG matters, which are distinct from (but of course related to) impact investment. The former is ultimately a risk framework used as a tool in the investment and monitoring process, whereas the lattergoes a step further and requires social and/or environmental matters to form part of the investment strategy, with the positive intention of making a measureable impact."
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| 14. |
Recent Court Decisions Highlight FMLA Issues (PDF)
Dechert LLP
June 2, 2019
"[T]his article presents three lessons learned from recent court cases. The first involves notice of the need for leave, the second lesson teaches when to designate leaves, once there is notice, and the third teaches how to avoid statements which mistakenly afford FMLA rights to employees that are otherwise unentitled, or in legal parlance, understanding estoppel in the FMLA context."
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| 15. |
Lessons from Recent FMLA and ADA Decisions, Part 2 (PDF)
Dechert LLP
Dec. 11, 2018
"[1] Employers may be able to stop the clock on lengthy leaves of absence.... [2] Tread carefully when asking employees on FMLA leave to do anything that could be construed as work.... [3] Overzealous surveillance can land an employer in the hot seat."
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| 16. |
Lessons From Recent FMLA And ADA Decisions, Part 1 (PDF)
Dechert LLP, via Law360
Dec. 10, 2018
"[This] series sets out six lessons that employers should learn from recent cases to ensure legal compliance and minimize litigation risk. Part one of the series covers the following topics: [1] recognizing when an employee provides notice; [2] understanding when a medical condition will be considered a serious health condition and/or a disability; and [3] understanding and proving what constitutes an essential job function."
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| 17. |
SEC Proposes New Broker-Dealer Standard and Additional Related Guidance (PDF)
Dechert LLP, via Bloomberg Tax Management Compensation Planning Journal
July 30, 2018
"Through Proposed Regulation Best Interest and the Proposed IA Interpretation, the SEC stated its view that in a number of cases disclosure alone is insufficient to address material conflicts of interest and that the SEC's expectation is that the firm will need to mitigate or eliminate material conflicts of interest, where they cannot be adequately addressed through disclosure alone."
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| 18. |
DOL's Fiduciary Rule: Death by a Thousand Cuts (PDF)
Dechert LLP
Sept. 12, 2017
"The palpable animosity towards the rule within the DOL and elsewhere with in the administration is not without clear manifestations that have real impact.... [W]hile we do presently have an applicable rule, the administration's negativity regarding the rule seems to be coalescing such that the rule is progressively being pared down.... [D]uring the transition period, which now may apparently be extended at least through June 2019, the rule has in some ways effectively been significantly declawed."
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| 19. |
Q&A on HIPAA Compliance for Group Health Plans and Wellness Programs That Use Health Apps (PDF)
Dechert LLP via Practical Law
Mar. 27, 2017
"Is all health information received in connection with employer-provided benefits protected under HIPAA? ... If a health plan recommends that plan participants use a health app that provides wellness tools ... will use of the app trigger HIPAA compliance obligations? ... [If] health information is monitored by or provided directly to a third-party wellness vendor that uses data tracked in the health app to determine eligibility for certain incentives offered under an employer-sponsored wellness program. Is HIPAA compliance required? ... What are the consequences of a breach of unsecured PHI involving the transfer of health plan-related data from the app developer to the group health plan?"
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| 20. |
Welfare Plan Compliance Under the Genetic Information Nondiscrimination Act (PDF)
Dechert LLP
Mar. 20, 2017
"GINA was enacted to protect individuals against discrimination in health insurance coverage and employment based on their genetic information. This note describes key definitions and concepts under GINA, provides a detailed look at the prohibitions on the collection and use of genetic information and other rules in the context of group health plans, and reviews the application of GINA to wellness programs and health risk assessments."
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