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DOL Fiduciary Proposal
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On Halloween 2023, the U.S. Department of Labor spooked the investment adviser world when it proposed rules that would redefine who is a fiduciary when someone provides investment advice for purposes of the Employee Retirement Income Securities Act of 1974 (ERISA). If adopted as proposed, these rules would greatly expand the categories of investment advice that would be subject to ERISA’s fiduciary standards.
In this episode of the Mutual Fund Minute, host and Sidley partner Jay Baris, and Beth Dickstein, a Chicago-based partner in Sidley’s Employee Benefits and Executive Compensation practice, look at how these new rules would affect investment advisers and investors.
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