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Comments on Proposed DOL Regs on ESG Investing, Prudence and Loyalty
Prof. Edward A. Zelinsky, via SSRNLink to more items from this source
Dec. 1, 2021

"The fiduciary duty of loyalty requires exclusive consideration of participants' welfare -- even in the face of so-called 'ties.'Under the proposed regulations, fiduciaries desiring to pursue otherwise proscribed collateral benefits will, deliberately or inadvertently, be encouraged to declare ties to free themselves from the duty of loyalty and its prohibition on the pursuit of third party benefits. Contrary to the teaching of the proposed regulations, the exacting duty of loyalty is not suspended in the presence of 'ties.' "

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