Joshua A. Lichtenstein
Partner
Josh Lichtenstein is a partner in the tax & benefits department in New York and focuses on ERISA and employee benefits. He advises asset managers and employee benefit plans regarding the investment of plan assets and a wide range of related issues, including how to operate as an ERISA fiduciary, the prohibited transaction rules and related exemptions, and on how to structure and maintain a fund so that it qualifies as a venture capital operating company (a VCOC) or Real Estate Operating Company (REOC) or satisfies the so called ERISA “25% test”. Josh regularly works closely with asset managers on the structure, formation and operation of investment funds and other pooled investment vehicles, including hedge funds, private equity funds and real estate funds, and on setting up separately managed accounts or single investor funds.
Josh advises a wide range of clients, including banks, asset managers and other institutions, on potential approaches for complying with the U.S. Department of Labor’s expanded fiduciary rule, and on evaluating and implementing changes to existing business practices in response to the rule. Josh also works with clients on all benefits aspects of mergers and acquisitions, executive compensation matters and qualified and nonqualified benefits plans.
Experience
Josh represents some of the largest and most well-known alternative investment managers, including hedge fund managers, private equity managers and a number of asset management units and private wealth groups within large banks, among many others on implementing innovative and creative structuring approaches relating to the investment by ERISA plans.
Josh was seconded to the ERISA legal group of a leading financial institution from October, 2015-May, 2016, where he assisted in all aspects of ERISA compliance and on formulating approaches to compliance with the DOL’s fiduciary rule.
Publications
- Quoted, “ERISA Attorneys Help Digest DOL’s ‘Confusing’ Fiduciary Rule FAB 2018-02,” PLANADVISER (May 10, 2018)
- Quoted, “DOL Clarifies Enforcement Stance After Fiduciary Rule Struck Down,” FundFire (May 9, 2018)
- Quoted, “DOL field guidance clears some fiduciary smog,” Fund Action (May 8, 2018)
- Quoted, “DOL Rule Technically Dead, Desire to Redefine 'Advice' Not: Lawyer,” Ignites (May 8, 2018)
- Quoted, “Labor Dept. maintains scaled-back enforcement while fiduciary rule in limbo,” Compliance Week (May 7, 2018)
- Quoted, “Court Ruling Aside, For Now DOL Will Rely on Fiduciary Rule to Govern Investment Advice,” InvestmentNews (May 7, 2018)
- Quoted, “DOL Declines to Scrap Fiduciary Rule Despite Invalidation,” Law360 (May 7, 2018)
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Quoted, “Court Deals DOL Fiduciary Rule Another Blow,” Fund Action (May 3, 2018)
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Quoted, “Fifth Circuit Rejects Attempts to Save Fiduciary Rule,” Financial Advisor IQ (May 3, 2018)
- Quoted, “5th Circ. Won't Rethink Invalidation of DOL Fiduciary Rule,” Law360 (May 2, 2018)
- Quoted, “ERISA Stock-Drop Suits Take A Back Seat As Market Roars,” Law360 (April 10, 2018)
- Quoted, “DOL Fiduciary Rule Sparks Charges of Reverse-Churning,” InvestmentNews (April 4, 2018)
- Quoted, “Appeals decision opens door for SEC best interest standard,” International Financial Law Review (March 21, 2018)
- Quoted, “DOL Rule Dead, Maybe, Following 5th Circuit Ruling,” Ignites (March 19, 2018)
- Quoted, “Wealth Firms Still Face Uncertainty on DOL Rule, Despite Ruling,” FundFire (March 19, 2018)
- Quoted, “Circuit Court Ruling to Vacate DOL Fiduciary Rule Extends Regulatory Uncertainty,” (March 16, 2018)
- Quoted, “Fiduciary Rule’s Next Stop: Supreme Court?” Financial Planning (March 16, 2018)
- Quoted, “DOL Fiduciary Rule Likely to Live on Despite Appeals Court Loss,” InvestmentNews (March 16, 2018)
- Quoted, “DOL Direction Sought After Fiduciary Rule Nixed by 5th Circuit,” Law360 (March 16, 2018)
- Quoted, “'Pure Uncertainty': Court's 'Fiduciary' Ruling Muddles Federal Regulation,” POLITICO Pro (March 16, 2018)
- Quoted, “Massachusetts' Galvin: investors aren't 'pawns in a prize contest',” International Financial Law Review (February 27, 2018)
- Quoted, “How Pension Execs Can Steer Clear of Fiduciary Snafus,” FundFire (February 26, 2018)
- Quoted, “CCOs put on notice by Massachusetts fiduciary rule case,” Compliance Reporter (February 22, 2018)
- Quoted, “State Securities Cops Filling In For Feds On Fiduciary Beat,” Law360 (February 20, 2018)
- Author, “Tread carefully with Erisa money,” Alt Credit Intelligence (February 16, 2018)
- Quoted, “Scottrade Charged With Violating The DOL’s Fiduciary Rule,” ValueWalk (February 16, 2018)
- Quoted, “State securities regulator says states can enforce DOL fiduciary rule,” InvestmentNews (February 16, 2018)
- Quoted, “WSJ Wealth Adviser Briefing: Massachusetts Takes Action to Enforce Fiduciary Rule,” Wall Street Journal’s Moneybeats (February 16, 2018)
- Quoted, “Mass. Regulator Charges Scottrade Over Sales Contests,” Law360 (February 15, 2018)
- Quoted, “Massachusetts Accuses Scottrade of Fiduciary Rule Violations,” WSJ Pro Financial Regulation (February 15, 2018)
- Quoted, “New DOL, SEC officials help advance fiduciary rule work,” InvestmentNews (December 22, 2017)
- Quoted, “Fiduciary rule delay gives DOL chance at organized rollout,” Compliance Reporter (November 9, 2017)
- Quoted, “Will Regulatory Rule Dash Private Equity’s Retail Dreams?,” WSJ Pro Private Equity (September 29, 2017)
- Co-author, "Department of Labor Proposes 18-Month Delay in Applicability Date for Portions of Fiduciary Rule," Ropes & Gray Alert (September 1, 2017)
- Quoted, “What Happens if Class-Action Mechanism Dies?,” Barron’s (September 1, 2017)
- Quoted, “WSJ Wealth Adviser Briefing: Fiduciary Delay, Battling Biases, Harvey’s Latest Burden,” The Wall Street Journal’s MoneyBeat (August 30, 2017)
- Quoted, “DOL fiduciary rule: The 5 biggest things to watch for if BICE's class-action provision is killed,” InvestmentNews (August 29, 2017)
- Quoted, “U.S. Targeting Class-Action Provision of DOL Rule,” Barron’s (August 25, 2017)
- Quoted, “DOL fiduciary rule: Trump administration signals intent to kill class-action provision in BICE,” InvestmentNews (August 25, 2017)
- Quoted, “WSJ Wealth Adviser Briefing: DOJ on DOL Rule, Streetwise on Investor Caution,” The Wall Street Journal’s MoneyBeat (August 25, 2017)
- Quoted, “Another delay in fiduciary rule could result in substantial revision,” Compliance Week (August 22, 2017)
- Quoted, “New DOL delay prolongs fiduciary rule uncertainty,” Compliance Reporter (August 16, 2017)
- Quoted, “Long DOL Rule Delay Hints at Revisions: Lawyers,” Ignites (August 10, 2017)
- Quoted, “Brace For 18 More Months of Fiduciary Reg Limbo,” MutualFundWire.com (August 10, 2017)
- Quoted, “DOL plots 18-month fiduciary rule delay,” Fund Action (August 9, 2017)
- Quoted, “DOL To Postpone Parts Of Fiduciary Rule Until 2019,” Law360 (August 9, 2017)
- Quoted, “DOL seeks to delay fiduciary rule until July 2019,” InvestmentNews (August 9, 2017)
- Quoted, “SEC poses biggest threat to DoL, fiduciary rule,” International Financial Law Review (August 8, 2017)
- Quoted, “DOL hints at SEC fiduciary collaboration,” Compliance Reporter (July 7, 2017)
- Co-author, “Department of Labor Requests Information on Fiduciary Rule,” Ropes & Gray Alert (July 6, 2017)
- Quoted, “DOL Asks For More Info On Fiduciary Rule,” Law360 (June 30, 2017)
- Quoted, “More clarity expected for DOL rule,” Fund Action (June 14, 2017)
- Co-author, “Key Considerations for Asset Managers under the DOL’s Fiduciary Rule,” Ropes & Gray Alert (June 13, 2017)
- Quoted, “DOL fiduciary rule takes effect, but more uncertainty lies ahead,” InvestmentNews (June 9, 2017)
- Podcast, “DOL fiduciary: The battle is just beginning,” InvestmentNews (June 9, 2017)
- Quoted, “Fiduciary rule: Last-minute prep and continued uncertainty,” Compliance Reporter (June 7, 2017)
- Quoted, “SEC Muddies Fiduciary Rule Waters With Comment Request,” Law360 (June 7, 2017)
- Quoted, “SEC Jumps Back in the Fiduciary Rule Debate,” Ignites (June 2, 2017)
- Quoted, “Fiduciary Rule’s ‘Soft Open’ Makes Full Repeal Less Likely,” Law360 (May 23, 2017)
- Co-author, “Department of Labor Provides Guidance on Fiduciary Rule Transition Period,” Ropes & Gray Alert (May 23, 2017)
- Quoted, “DOL faces tough road in revising or repealing fiduciary rule,” InvestmentNews (April 13, 2017)
- Quoted “Fiduciary Duty Delay Pleases Few, Clarifies Little,” Law360 (April 5, 2017)
- Quoted “Labor Department staff has ‘fiduciary’ rule foes seething over delay,” Politico (April 6, 2017)
- Quoted, “DOL delays Fiduciary Rule, eases compliance burden for BICE,” Fund Operations (April 6, 2017)
- Quoted, “Global Equities Roundup: Market Talk,” Dow Jones Institutional News (April 6, 2017)
- Quoted, “Will ERISA preempt state law under the fiduciary rule?” BenefitsPro (March 30, 2017)
- Co-author, “Department of Labor Delays Fiduciary Rules for 60 Days” Ropes & Gray Alert (April 5, 2017)
- Quoted, “House Democrats denounce DOL rule delay as comment period closes,” InvestmentNews (March 17, 2017)
- Quoted, “DOL Promises Enforcement Grace Period for Fiduciary Rule,” Ignites (March 13, 2017)
- Co-author, “Department of Labor Proposes 60-day Delay of Fiduciary Rule,” Ropes & Gray Alert (March 3, 2017)
- Quoted, “Fiduciary duty rule review confuses US retirement sector,” International Financial Law Review (February 8, 2017)
- Quoted, “Welcome to Fiduciary Reg Limbo,” MutualFundWire.com (February 7, 2017)
- Quoted, “DOL Issues New Fiduciary Rule FAQs,” Compliance Reporter (January 24, 2017)
- Co-author, “DOL Issues Additional Interpretative Guidance on New Fiduciary Rule,” Ropes & Gray Alert (January 17, 2017)
- Quoted, “Who's afraid of Virginia Foxx and friends? Maybe pro-DOL forces should be but no panic yet,” RIABiz.com (January 11, 2017)
- Quoted, “People are worried that Trump will roll back a rule meant to protect Americans' retirement money from Wall Street,” Business Insider (January 6, 2017)
- Co-author, “DOL Issues First Interpretative Guidance on New Fiduciary Rule,” Ropes & Gray Alert (2016)
- Co-author, “Release Us From Confusion Over ERISA Fiduciary Claims,” 37 Pension & Benefits Reporter (BNA) 647 (2010)
Presentations
- “Credit Funds: How Managers Can Avoid and Mitigate ERISA Conflicts,” Ropes & Gray Podcast (January 10, 2018)
- Panelist, “2017 In Review: The Hedge Funds Industry,” Ropes & Gray Webinar (January 10, 2018)
- Speaker, “A View From Washington: The First 100 Days,” Ropes & Gray Webinar (April 24, 2017)
- Panelist, “A View From Washington”, SIFMA Private Funds Roundtable (February 8, 2017)
- Speaker, Goldman Sachs U.S. Financial Services Conference (2016)