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Fifth Circuit opinion invalidating fiduciary rule creates circuit split; SEC moves forward on fiduciary rule proposals

Overview

This employee benefits article looks at how the Fifth Circuit Court of Appeals has vacated the Department of Labor's new fiduciary rule in its entirety, including the prohibited transaction exemptions that were issued or amended at the same time. 

 

This has set up a split between circuits as to the effectiveness of the fiduciary rule and created great confusion as to how to apply the rule until the uncertainty is resolved.