Paul Borden

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Until recently, broker-dealers operating in the United States weren’t subject to a fiduciary standard when dealing with their retail clients. The passage of the Dodd-Frank Act in 2010 included a provision enabling the Securities and Exchange Commission to consider and propose a higher standard of care for broker-dealers – something which it has not yet done but appears intent on pursuing this year. The Department of Labor (DOL) on its own adopted a fiduciary standard…
On June 29, 2017, the Department of Labor (“DOL”) issued a Request for Information (“RFI”) in connection with its examination of the Final Fiduciary Rule, which was published on April 8, 2016, and became applicable on June 9, 2017.  The Best Interest Contract (“BIC”) Exemption and Principal Transaction Exemption also became applicable on June 9, 2017; however, most of the compliance requirements for such exemptions were postponed.  Fiduciaries only need comply with the impartial conduct…
On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs (“FAQs”) and is the second round of guidance to be published by the DOL prior to the effective dates of the new rules. Earlier in January, the DOL issued FAQs directed at consumers instead of…
On October 27, 2016, the U.S. Department of Labor (DOL) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017.  The guidance was issued in the form of FAQs and is expected to be the first of three rounds of guidance to be published by DOL prior to the effective dates of the new rules.[1] Perhaps not surprisingly, the FAQs address in large part a variety…
Earlier this week the Department of Labor (DOL) issued its long-anticipated final regulation (the “Regulation”) defining who is a fiduciary as a result of giving investment advice to plans subject to ERISA, to participants or beneficiaries of these plans, or to IRAs. The Regulation significantly expands the categories of persons considered fiduciaries from the regulation it replaced, which was issued in 1975, but generally relaxes many of the requirements contained in the 2015 Proposed Regulation,…