The US Department of Labor’s long-anticipated proposed amendment to regulations defining “investment advice” for the purpose of determining who is a fiduciary has been met with significant opposition. Although the formal comment period remains open until July 21, 2015, preliminary reactions to the amendment have already been published by the Securities Industry and Financial Markets Association as well as a number of key industry players. In this legal update, we focus on the issues that the amendment raises for institutional asset management firms and review the preliminary industry response.
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