The Department of Labor adopted its final regulation addressing the definition of who is a fiduciary of an employee benefit plan under ERISA, or a plan under Section 4975 of the Internal Revenue Code, by virtue of giving investment advice to a plan, its participants or its beneficiaries. The fiduciary definition final rule, Best Interest Contract Exemption, certain principal transactions exemption, certain prohibited transactions exemptions, and amendments to certain class exemptions were published in the Federal Register.
The Department of Labor adopted its final regulation addressing the definition of who is a fiduciary of an employee benefit plan under ERISA, by virtue of giving investment advice to a plan, its participants or its beneficiaries.
The Investment Company Institute criticized a State of California final feasibility report recommending the establishment of state-run, tax-advantaged, retirement investment plans for workers who do not have access to an employer-sponsored retirement savings plan.
House Representatives urged the DOL to replace it's proposed fiduciary rule with the "bipartisan" Affordable Retirement Advice Protection Act and its companion, the Strengthening Access to Valuable Education and Retirement Support.
Senator Elizabeth Warren (D-MA) and Representative Elijah E. Cummings (D-MD) argued that "insurers and financial firms provide much more optimistic assessments when they speak to their own investors" than in their "dire and unsupported public predictions and official comments to the Department of Labor about the impact of the proposed Conflicts of Interest rule."
U.S. House Representatives Peter Roskam (R-IL), Richard Neal (D-MA), Phil Roe (R-TN) and John Larson (D-CT) introduced legislation that would require the DOL to receive congressional approval before implementing a final fiduciary rule. The legislation also outlines an alternative standard to the DOL's fiduciary proposal in the combined proposals of the "Strengthening Access to Valuable Education and Retirement Support Act" (the "SAVERS Act of 2015") (H.R. 4294) and the "Affordable Retirement Advice Protection Act" (the "ARAP Act") (H.R. 4293).
In a paper titled "Brokers, Advisors and the Fiduciary Standard," University of Kentucky scholar Nathaniel P. Graham examined the difference between the customer complaint rates of brokers and advisors.