Stay updated with breaking news from Transaction Exemption. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
In a troubling development, the US Department of Labor (DOL) has announced its expectation that it will proceed to propose yet another iteration of investment advice guidance under the...
To embed, copy and paste the code into your website or blog: American Rescue Plan Moves Forward. Democrats in Congress are moving ahead with President Joe Biden’s “American Rescue Plan.” As of now—and this is still subject to change, of course—it appears that the U.S. House of Representatives’ budget and rules committees will both weigh in on the legislation early next week before sending the bill to the House floor toward the end of the week. At the Buzz, we are keeping an eye on the proposed $15 minimum wage and multiemployer pension fix provisions to see if they make it into t...
What Labor Nominee Walsh Means for the Fiduciary Rule’s Future 'The Democratic Party has already laid down its marker' On January 7, 2021, President-elect Joe Biden named Boston Mayor Martin Walsh as his nominee for Secretary of Labor. Walsh’s nomination raises questions for the future of the Labor Department’s (DOL’s) fiduciary rule, which regulates “investment advice fiduciaries” under the Employee Retirement Income Security Act of 1974 (ERISA). In particular, the new fiduciary rule guidelines promulgated by the DOL in December 2020 appear to be in jeopardy under a Biden adminis...
On December 15, 2020, the U.S. Department of Labor (the “DOL”) issued its highly anticipated final prohibited transaction class exemption for fiduciary investment advice (the “Final Exemption”). The Final Exemption, which will be officially designated “Prohibited Transaction Exemption 2020-02,” serves two broad functions. First, in the preamble, the DOL provides its “Final Interpretation” of the five-part test under its 1975 regulation defining who is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section...