Unwinding the Department of Labor’s Fiduciary Rule

Summary

This practice note discusses the implications of the Fifth Circuit Court of Appeals’ vacatur of the Department of Labor’s fiduciary rule (81 Fed. Reg. 20,946 (April 8, 2016)) (the Fiduciary Rule); Best Interest Contract and Principal Transactions Exemptions (81 Fed. Reg. 21,002 (Apr. 8, 2016), as corrected at 81 Fed. Reg. 44,773 (July 11, 2016), and 81 Fed. Reg. 21,089 (Apr. 8, 2016)); and related amendments to other prohibited transaction exemptions (PTEs) resulting from the decision in Chamber of Commerce of the United States v. United States Dep’t of Labor, 885 F.3d 360 (5th Cir. 2018).