Category Archives: Uncategorized

Fifth Circuit Strikes Down Entire DOL Fiduciary Duty Rule, Two Days After Tenth Circuit Upholds PTE 84-24: Supreme Court Up Next?

On Thursday, March 15, 2018, the Fifth Circuit vacated the DOL Fiduciary Duty Rule in its entirety, including the Best Interest Contract Exemption (BICE) and the amendments to Prohibited Transaction Exemption (PTE) 84-24, in Chamber of Commerce et al. v. … Continue reading

Posted in BICE, Department of Labor (DOL), ERISA, Fiduciary Duty Rule, Supreme Court, Uncategorized | Tagged , ,

New and Amended FINRA Rules Protecting Seniors from Financial Exploitation

What would you do as a firm if you suspected that a customer’s child was misappropriating funds from his elderly parents’ financial accounts? Or if the compliance department noticed a pattern of suspicious transactions from a customer’s account, and that … Continue reading

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Federal District Court Enjoins DOL From Implementing or Enforcing BICE’s Prohibition on Class Action Waivers Against Thrivent

On November 3, 2017, the United States District Court, District of Minnesota issued a preliminary injunction against the DOL, enjoining the DOL from implementing or enforcing the BICE’s class action waiver prohibition against Thrivent Financial for Lutherans. The Court’s Order … Continue reading

Posted in BICE, Capital Markets, Department of Labor (DOL), Uncategorized | Tagged , , , , ,

ALERT: Eighth Circuit — Notice Under Claims Made Policy Was Not “As Soon As Practicable” Even Though Provided Within Policy Period

Common business insurance policies, such as those providing Errors and Omissions and Directors and Officers coverage, are issued on a “Claims Made” basis. This means that, unlike “occurrence”-based policies which cover injury that takes place during the policy period (regardless … Continue reading

Posted in Insurance, Uncategorized | Tagged , , , ,

States May Be Enacting Their Own Fiduciary Duty Rules: Are You Covered Under Your E&O Policy?

With full implementation of the DOL Fiduciary Duty Rule pushed back to July 1, 2019, questions linger as to whether the Rule will survive at all and, if so, to what extent. Now, state agencies and lawmakers are stepping into … Continue reading

Posted in Department of Labor (DOL), E&O Coverage, Fiduciary Duty Rule, Uncategorized | Tagged , , ,

DOL Moves Step Closer to 18-Month Delay on Fiduciary Duty Rule and BICE

On August 28, 2017, the Office of Management and Budget (OMB) approved the Department of Labor’s (DOL) proposal to delay the full applicability dates of the Fiduciary Duty Rule and the Best Interest Contract Exemption (BICE). The proposal still must … Continue reading

Posted in Department of Labor (DOL), Fiduciary Duty Rule, Uncategorized | Tagged , , , , ,

DOL Seeks Additional Delay on Fiduciary Duty Rule and BICE

The Department of Labor (DOL) is seeking once again to delay final implementation of the Fiduciary Duty Rule and the Best Interest Contract Exemption (BICE), leading to further speculation as to whether the full Fiduciary Duty Rule or BICE will … Continue reading

Posted in Administration, Department of Labor (DOL), Fiduciary Duty Rule, Uncategorized | Tagged