Evolving Standards for Investment Advice Fiduciaries: The New (Old) DOL Fiduciary Rule, Proposed Class Exemption and Regulation Best Interest

ERISA Five-Factor Fiduciary Test, Exemptions, Prohibited Transactions, Administrative Issues

A live 90-minute premium CLE webinar with interactive Q&A


Wednesday, October 28, 2020

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, October 2, 2020

or call 1-800-926-7926

This CLE webinar will guide ERISA counsel and advisers on critical challenges and ramifications of the applicable rules for fiduciaries and new revisions from the Department of Labor (DOL). The panel will discuss new standards, essential steps for counsel and advisers, significant responsibilities faced by asset managers, plan providers and sponsors, challenges in constructing a new compliance program under ERISA, and methods in maintaining compliance moving forward.

Description

The duties and restrictions applicable to fiduciaries under ERISA and the Internal Revenue Code can significantly impact investment advisers, broker-dealers, insurance agents, and other service providers who receive compensation in connection with the recommendation of investments to employee benefits plans and IRAs. ERISA counsel and advisers must understand the rules for determining fiduciary status under ERISA and the Internal Revenue Code and the prohibited transaction rules and exemptions that apply to the compensation of service providers who furnish investment advice.

A prohibited transaction class exemption recently proposed by the DOL would impose “impartial conduct standards” on certain fiduciaries providing investment advice to ERISA plans and IRAs who rely on the exemption for the receipt of commissions and other transaction-based compensation. ERISA counsel and advisers must understand the scope of and conditions for relief under the proposed class exemption, alternative prohibited transaction compliance strategies available to service providers, and the differences between the impartial conduct standards and the standards of conduct imposed under federal and state securities laws.

David C. Olstein, Partner at Stroock & Stroock & Lavan LLP; Jeffrey A. Lieberman, Counsel at Skadden, Arps, Slate, Meagher & Flom LLP; and Steven W. Rabitz, Partner at Dechert LLP, will guide ERISA counsel and advisers on critical challenges and ramifications of the applicable rules for investment advice fiduciaries and new revisions from the DOL. The panel will discuss new standards, essential steps for counsel and advisers, significant responsibilities faced by asset managers, plan providers and sponsors, challenges in constructing a new compliance program under ERISA, and methods in maintaining compliance moving forward.

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Outline

  1. New DOL standards and proposed revisions
  2. Considerations for asset managers, plan sponsors, and providers after vacatur of the final rule
  3. ERISA five-factor fiduciary test and exemptions
  4. Prohibited transaction considerations
  5. SEC best interest standards
  6. Best practices for plan sponsors and advisers to comply with federal and state rules

Benefits

The panel will review these and other key issues:

  • The reinstatement of the five-part test for determining investment advice fiduciary status
  • The DOL’s evolving position on rollover advice
  • The scope of and conditions for relief under the proposed class exemption
  • Key differences between the proposed exemption and PTE 2016-1
  • Considerations for plan sponsors and service providers moving forward
  • SEC best interest standards
  • State fiduciary rule initiatives
  • Overcoming administrative challenges to enacting new compliance programs

Faculty

Olstein, David
David C. Olstein

Partner
Stroock & Stroock & Lavan

Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA. He has extensive experience...  |  Read More

Lieberman, Jeffrey
Jeffrey A. Lieberman

Counsel
Skadden Arps Slate Meagher & Flom

Mr. Lieberman has more than 25 years of experience advising a broad range of clients on ERISA, employee benefits, and...  |  Read More

Rabitz, Steven
Steven W. Rabitz

Partner
Dechert

Mr. Rabitz focuses his practice on the fiduciary responsibility, prohibited transaction and funding rules of ERISA,...  |  Read More

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