"The district court held that a recommendation to take a rollover from a retirement plan cannot be aggregated with post-rollover advice such that the rollover recommendation satisfies the 'regular basis' prong of the five-part test and vacated a DOL FAQ that concluded otherwise. By conceding this point, DOL has not only put itself in a difficult situation in other related litigation in Texas but has also likely signaled that it recognizes that any further attempts to materially expand the scope of entities and individuals held to a fiduciary standard will either require new legislation or a new regulatory initiative." [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)]

MORE >>