On April 6, 2016, the US Department of Labor (DOL) released in final form its massive package of rules, exemptions and amendments to existing exemptions that comprise its Fiduciary Rule.
The objective of the Fiduciary Rule is to:
- Significantly broaden the scope of persons who are considered fiduciary advisers to plans, plan participants and individual retirement account (IRA) owners; and
- Impose on fiduciary advisers heightened disclosure, reporting, procedural and other requirements under the Employee Retirement Income Security Act of 1974 (ERISA) and comparable provisions of the Internal Revenue Code of 1986.
Please join Mayer Brown lawyer Erika Gosker for an overview of how the new DOL rule will broaden the scope of fiduciary status for persons who communicate with plans and IRAs about investment matters and the potential consequences of fiduciary status under ERISA.
For additional information, please contact
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.