Unwinding the Fiduciary Rule: New State Enforcement Activity, Next Steps for ERISA Counsel and Advisers

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

Recording of a 90-minute premium CLE webinar with Q&A

Conducted on Tuesday, February 19, 2019

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will guide ERISA counsel and advisers on the ramifications of the vacatur of the 2016 DOL fiduciary rule. The panel will discuss next steps for counsel and advisers, significant responsibilities faced by asset managers, plan providers and sponsors after vacatur, challenges in constructing a new compliance program under prior ERISA regulations, and methods in maintaining compliance moving forward.


The revocation of the 2016 DOL fiduciary rule and related prohibited transaction exemptions impacting broker-dealers, investment advisers, insurance agencies, etc. creates a level of uncertainty in determining fiduciary status. Counsel and advisers must understand the challenges associated with the revival of the prior rules under ERISA and the Internal Revenue Code and methods to ensure compliance.

The 2016 fiduciary rule greatly expanded the definition of "fiduciary" and imposed a best interest standard on certain fiduciaries providing investment advice to reap the benefits of any transaction or sales-based compensation. Also, asset managers, plan sponsors and providers that implemented programs to comply with the final fiduciary rule may now face significant responsibilities in reinstating prior ERISA and Internal Revenue Code compliance standards.

ERISA counsel and advisers must understand the rules that are now applicable to fiduciaries, the challenges stemming from the reinstatement of the pre-fiduciary rule law, and methods to maintain compliance for asset managers, plan sponsors and providers moving forward.

Listen as our panel discusses the impact of the vacatur of the DOL fiduciary rule, the SEC's best interest standard for investment advisers, prohibited transaction considerations, and methods to ensure that policies and procedures comply with pre-vacatur rules.



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


The panel will review these and other key issues:

  • The impact of revoking the DOL fiduciary rule
  • Key considerations for asset managers, plan sponsors and providers moving forward
  • The revival of ERISA fiduciary test and exemptions
  • SEC best interest standards
  • Overcoming administrative challenges to enacting new compliance programs


Lichtenstein, Joshua
Joshua A. Lichtenstein

Ropes & Gray

Mr. Lichtenstein is a partner in the tax & benefits department in the firm's New York office and focuses on...  |  Read More

Rail, Brynn
Brynn Rail

Ropes & Gray

Ms. Rail represents U.S. and international broker-dealers on various regulatory and securities law issues, including...  |  Read More

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