Comment Letter to U.S. Department of Labor re: Proposal to Update the Definition of an Investment Advice Fiduciary
On January 2, SBIA submitted comments to the Department of Labor in response to DOL’s recent proposal to update the definition of an investment advice “fiduciary” under the Employee Retirement Income Security Act (ERISA). This is the third effort by DOL to redefine fiduciary status under ERISA by way of rulemaking since 2010; its previous rule from 2016 was struck down by the courts. SBIA’s letter focused on our concerns that the proposal would apply ERISA fiduciary to sponsors of private funds in their interactions with potential investors and limited partners when launching new funds.
