Nevin Adams
By Nevin Adams 3/27/2017
Plaintiffs seeking an emergency injunction in federal court against the implementation of the fiduciary regulation got a quick answer. Plaintiffs in the case, including the U.S. Chamber of Commerce, the Financial Services Institute, and the Securities Industry and Financial Markets Association,...
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By Nevin Adams 3/23/2017
The fiduciary regulation wasn’t a big focus of the hearing on Alexander Acosta’s nomination as Secretary of Labor — but it did come up. Indeed, those waiting to hear what Acosta thought about the fiduciary rule, and its future had to wait until the last 15 minutes of the 3-hour hearing by the...
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By Nevin Adams 3/15/2017
A group of plaintiffs in the fiduciary regulation litigation have petitioned the court to maintain the status quo pending their appeal. And, citing “…their urgent need for relief,” the plaintiffs have asked the court to issue a ruling on the motion by March 20, 2017. The request for injunctive...
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By Nevin Adams 3/13/2017
The Department of Labor (DOL) has outlined its approach to enforcement of the fiduciary regulation if the April 10 applicability date for the fiduciary regulation isn’t delayed (before April 10). Noting that “financial institutions have expressed concern about investor confusion and other...
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By Nevin Adams 3/8/2017
With about another week to go, the Department of Labor’s (DOL) has gotten a number of comments on its proposal to delay the fiduciary regulation’s April 10 applicability date — but perhaps not the kinds of comments one might expect.As of this writing, approximately 215 comment letters have been...
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By Nevin Adams 3/1/2017
The Labor Department is proposing to extend the applicability date of the fiduciary regulation by a mere 60 days — while taking (just) the next 15 days to collect comments on that proposal. But that’s not all. With regard to President Trump’s Feb. 3 Executive Memorandum that directed the Labor...
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By Nevin Adams 2/28/2017
Those challenging the Department of Labor’s (DOL) fiduciary regulation in court haven’t had much success to date — but now one set of litigants is taking that decision to a higher court. The co-plaintiffs in that case — the U.S. Chamber of Commerce, Financial Services Institute, Financial Services...
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By Nevin Adams 2/23/2017
The Department of Labor (DOL) has managed to keep its perfect record intact — losing another request to grant a stay in a pending case regarding the fiduciary rule.The suit, filed last fall by Thrivent Financial for Lutherans in the U.S. District Court for the District of Minnesota, claimed that...
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By Nevin Adams 2/22/2017
The Office of Management and Budget (OMB) has scheduled a series of meetings with interested parties to discuss the Department of Labor’s (DOL) proposal to delay the implementation of the fiduciary regulation.Less than two weeks ago the DOL’s Employee Benefit Security Administration (EBSA) sent...
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By Nevin Adams 2/22/2017
The Department of Labor (DOL) kept its undefeated string going with another win in court, and one that had an element of déjà vu. The suit, filed by Market Synergy Group in the U.S. District Court for the District of Kansas, challenged how the DOL dealt with fixed indexed annuities in the final...
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By Nevin Adams 2/16/2017
Less than a week after asking for a stay in a federal court in a case involving the fiduciary regulation, the Department of Labor (DOL) has asked for another. The suit, filed last fall by Thrivent Financial for Lutherans in the U.S. District Court for the District of Minnesota, claimed that the...
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By Nevin Adams 2/14/2017
President Trump’s nominee for Secretary of Labor is slated for a Senate hearing Feb. 16 — and if the list of questions from Sen. Elizabeth Warren (D-Mass.) is a harbinger, it’s going to be a contentious one. Ahead of that Feb. 16 hearing before the U.S. Senate Committee on Health, Education, Labor...
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By Nevin Adams 2/10/2017
It looks like that much-anticipated delay in the applicability date of the Department of Labor’s (DOL) fiduciary regulation might be a reality, or at least on its way to becoming one. Late Thursday evening, Feb. 9, Reuters reported that the DOL’s Employee Benefit Security Administration (EBSA) had...
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By Nevin Adams 2/9/2017
The Labor Department is now 3-0 in defending the fiduciary regulation in court. If there had been a sense that the U.S. District Court for the Northern District of Texas would prove to be a more plaintiff-friendly venue, Judge Barbara M.G. Lynn turned out to be no more sympathetic to the plaintiffs...
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By Nevin Adams 2/6/2017
If it’s possible, the final version of President Trump’s Executive Memorandum may have left us with more uncertainty than we had before.Last Friday morning, based on what we stipulated was a draft of the memorandum, we cautioned that the fiduciary rule “may significantly alter the manner in which...
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By Nevin Adams 2/3/2017
UPDATED 11:15 A.M. FEB. 6 President Trump has tackled the Labor Department’s fiduciary rule, just weeks ahead of the April 10 implementation date. On Friday, Feb. 3, the President signed an administrative memorandum to the Secretary of Labor that directs the department to take necessary actions...
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By Nevin Adams 2/2/2017
Forget the rumors — the change in administrations in Washington apparently hasn’t stilled the Department of Labor’s (DOL) legal defense of the fiduciary rule. InvestmentNews reports that the DOL has responded to a brief from the plaintiffs in a case pending in the Northern District of Texas....
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By Nevin Adams 1/23/2017
On Jan. 20, President Trump signed a regulatory freeze pending review — but did that affect the timing of the fiduciary rule?In a memo to federal departments and agencies, White House Chief of Staff Reince Priebus said the freeze was designed to ensure President Donald Trump’s appointees or...
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By Nevin Adams 1/17/2017
The Department of Labor (DOL) released a much-anticipated second set of fiduciary regulation FAQs on Friday the 13th.These frequently asked questions (FAQs) anticipated since last fall, focus particularly on specific technical questions raised by financial service providers. Okay, technically they...
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By Nevin Adams 1/10/2017
House Ways & Means Committee Republicans have broken into tax reform working groups — and retirement is on the “menu.”Ways & Means Committee Republicans have organized into informal tax reform working groups, but “not in the traditional sense,” Tax Notes reports, citing committee chair...
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