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PSCA Executive Reports

September 28, 2018

Fiduciary Rule

As we have previously reported, in March the Fifth Circuit struck down the Department of Labor’s fiduciary rule, which would have significantly broadened the definition of “investment advice” under ERISA. The decision did not directly address whether the decision would have nationwide effect, though most believe it would. However, Attorney General Jeff Sessions on September 13 issued new guidelines contending that nationwide injunctions overstep the constitutional authority of the judiciary. The guidelines effectively direct Justice Department attorneys to argue against nationwide injunctions in cases that involve federal laws, regulations, or programs. The impact of the guidelines on the fiduciary rule are unclear, but they interject additional uncertainty, particularly given that the Department of Labor has not officially withdrawn the Fiduciary Rule.  


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