Federation of Regulatory Counsel November Alert 

Establishing a fiduciary standard for investment professionals is proving more difficult than expected.  In April of 2015, the U.S. Department of Labor (“DOL”) introduced a proposed rule to extend the definition of who constitutes a fiduciary under the Employment Retirement Income Security Act of 1974 (“ERISA”).  While the rule is only applicable to those who are providing retirement-related investment advice under the jurisdiction of ERISA and the Internal Revenue Code, the Securities and Exchange Commission (“SEC”) is working on establishing a fiduciary standard to be broadly applied to all investment professionals that it regulates, including broker-dealers.

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