In a Law360 article, ERISA and benefits partners Joshua Lichtenstein and Sharon Remmer and ERISA and benefits associates Jonathan Reinstein and Alexa Voskerichian analyzed the U.S. Department of Labor’s final fiduciary rule and the practical implications for asset managers in private equity, credit, real estate and hedge funds. The final rule focuses on whether advice is being provided to retirement accounts in the context of a trusted advice relationship.
The authors note that besides the possibility of this regulatory initiative being invalidated in the courts similar to what happened to the 2016 rule, there is also political uncertainty given the upcoming presidential election. Moreover, members of Congress have expressed their strong disapproval of the DOL's final rule.
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