Jenner & Block

New DOL Fiduciary Rule – Does It Make Fund Managers Fiduciaries for Marketing to Plans and IRA Holders?

The US Department of Labor’s (the DOL’s) new regulation on what constitutes investment advice to individual retirement accounts (IRAs) and plans subject to ERISA[1] may affect private investment fund managers’ interactions with their plan and IRA investors. The rule (the Fiduciary Rule) took effect June 9, 2017, but DOL and Internal Revenue Service (IRS) enforcement with respect to certain provisions is delayed until 2018.[2]

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