Evolving Standards for Investment Advice Fiduciaries: The New (Old) DOL Fiduciary Rule, Proposed Class Exemption and Regulation Best Interest

Strafford

ERISA Five-Factor Fiduciary Test, Exemptions, Prohibited Transactions, Administrative Issues

This CLE webinar will guide ERISA counsel and advisers on critical challenges and ramifications of the applicable rules for fiduciaries and new revisions from the Department of Labor (DOL). The panel will discuss new standards, essential steps for counsel and advisers, significant responsibilities faced by asset managers, plan providers and sponsors, challenges in constructing a new compliance program under ERISA, and methods in maintaining compliance moving forward.

Description

The risk and rules applicable to fiduciaries can significantly impact broker-dealers, investment advisers, insurance agencies, etc., creating a level of uncertainty in determining fiduciary status. Counsel and advisers must understand the challenges associated with the revival of the prior rules under ERISA, new DOL standards, and the Internal Revenue Code and methods to ensure compliance.

The imposes a best interest standard on certain fiduciaries providing investment advice to reap the benefits of any transaction or sales-based compensation. Also, asset managers, plan sponsors, and providers that implemented programs to comply with the final fiduciary rule continue to face significant responsibilities in reinstating prior ERISA and IRC compliance standards.

ERISA counsel and advisers must understand the new DOL standards and rules, the challenges stemming from the reinstatement of the fiduciary rule law, and methods to maintain compliance for asset managers, plan sponsors, and providers moving forward.

Listen as our panel discusses the potential impact of the new DOL standards and revisions of the fiduciary rule, prohibited transaction considerations, exemptions, and methods to ensure that policies and procedures comply with the rules.

Outline

1. New DOL standards and proposed revisions
2. Considerations for asset managers, plan sponsors, and providers after vacatur of the final rule
3. ERISA five-factor fiduciary test and exemptions
4. Prohibited transaction considerations
5. SEC best interest standards
6. Best practices for plan sponsors and advisers to comply with federal and state rules

Benefits

The panel will review these and other key issues:

• Key provisions and challenges of DOL standards and proposed revisions
• Considerations for asset managers, plan sponsors, and providers moving forward
• The ERISA fiduciary test and exemptions
• SEC best interest standards
• Overcoming administrative challenges to enacting new compliance programs

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