DOL Fiduciary Rules Will Negatively Affect Private Funds

Law360, New York ( May 20, 2015, 4:15 PM EDT) -- On April 14, 2015, the U.S. Department of Labor proposed rules expanding the circumstances under which a person will be considered to be providing "investment advice" to an employee benefit plan or individual retirement account (IRA) and thereby considered to be a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. Under the proposed rules, ordinary marketing activities could be considered investment advice....

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