In March 2018, the U.S. Fifth Circuit Court of Appeals vacated the U.S. Department of Labor ("DOL") final 2016 regulation under Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") on investment advice fiduciary status, thus eliminating the DOL's fiduciary rule.

In a hearing held by the House Education and Labor Committee in early May 2019, Labor Secretary Alexander Acosta said that the DOL plans to reenact its fiduciary rule. The DOL is coordinating its work with the SEC, which is finalizing Regulation Best Interest. It is not clear when a new DOL fiduciary rule will be released as Mr. Acosta declined to offer a time line during a Q&A in the hearing.

Originally published in REVERSEInquiries Volume 2, Issue 5.

Visit us at

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2019. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.