This afternoon President Donald Trump issued a widely anticipated executive order directing a sweeping review of the Dodd-Frank Wall Street Reform and Consumer Protection Act regulations that, among other things, imposed burdensome rules on incentive compensation programs offered by financial institutions.
On December 29, 2016, the US Department of Labor (DOL) issued Interpretive Bulletin 2016-1 (IB 2016-1) addressing how ERISA’s fiduciary responsibility rules apply to proxy voting, maintenance and compliance with investment policy statements, and shareholder engagement with corporate management.
Morgan Lewis has developed a new resource to help you stay up-to-speed on the changes in Washington, DC, as a result of the 2016 US presidential election. Change in Washington, DC—Our Insight provides guidance on the legal and business implications of the election for the weeks and months to come, including the potential effect on laws and regulations governing executive compensation and employee benefits (such as potential changes to the Affordable Care Act, Dodd-Frank provisions governing executive pay, and the Department of Labor’s fiduciary regulation).
The landscape surrounding the US Department of Labor’s (DOL’s) fiduciary rule continues to shift in unpredictable ways. First, the DOL was successful in the first reported decision in the numerous lawsuits challenging its promulgation of the rule.
Join us in November for our upcoming programs on a variety of employee benefits and executive compensation topics.
As covered in our LawFlash published earlier today, the US Department of Labor has released the first of three waves of frequently asked questions regarding the fiduciary rule.
The IRS just rolled out significant and immediate relief in Revenue Procedure 2016-47 for people who miss the 60-day rollover deadline (i.e., the deadline for completing a rollover when the rollover amount is first paid to the taxpayer before it is contributed to an eligible retirement plan or an IRA).
The ERISA “Plan Asset” rule is complex, and the world of sophisticated financial instruments makes its application even more challenging.