The New York State Department of Financial Services urged the DOL to reconsider a proposed amendment that requires plan fiduciaries to recommend investments based solely on financial considerations, arguing that the amendment would discourage the consideration of environmental, social and governance-related investments.
The U.S. Department of Labor proposed amending the "Investment duties" requirement under the Employee Retirement Income Security Act of 1974 to clarify that fiduciaries must make investment decisions based solely on risk-adjusted economic value.
The DOL adopted a rule amendment to create a new safe harbor which allows certain employee benefit plan administrators to provide plan participants with information using electronic media as the default method of delivery.
Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Sherrod Brown (D-OH), Mark Pocan (D-WI) and Pramila Jayapal (D-WA) introduced a bill to govern the private funds that engage in change in control transactions.
The SEC Division of Investment Management granted no-action relief to certain Puerto Rico retirement plans that participate in "bank-maintained" collective trust funds from the requirement to register - such trust funds as investment companies and the beneficial interests in such trust funds.
The Attorneys General of New York, California and Oregon requested that the Fifth Circuit Court of Appeals reconsider its recent decision to deny a Motion to Intervene in connection with the vacated DOL fiduciary rule.
The Department of Labor provided guidance on responsibilities for plan fiduciaries and other stakeholders regarding shareholder rights, written statements of investment policy, and economically targeted investments.
Cadwalader updated the ERISA Chapter of Lofchie's Guide to Broker-Dealer Regulation. Authored by partners James Frazier and Steven Lofchie, the new Chapter addresses the U.S. Department of Labor's new fiduciary rule and related exemptions.
At a hearing before the House Financial Services Subcommittee on Capital Markets, Securities, and Investment, several industry groups called for repeal of the DOL Fiduciary Rule and expressed support for a proposed "standards of conduct" bill.