On April 14, 2026, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued Field Assistance Bulletin No. 2026-01 (FAB) which sets out four enforcement priorities and guiding principles that are designed to ensure that EBSA’s enforcement “is fair, even-handed, responsive, and focused” and its enforcement authority is used in a manner
Department of Labor
What’s Old is New Again: The DOL’s 1975 Investment Advice Fiduciary Rule Five-Part Test is Officially Back and Here to Stay (For Now)
By Adam Scoll on
On March 20, 2026, the U.S. Department of Labor (“DOL”) published guidance (the “2026 Guidance”) that formally reinstates the DOL’s original 1975 five-part test (the “Five-Part Test”) for purposes of determining whether a person is a “fiduciary” under the U.S. Employee Retirement Income Security Act of 1974, as amended…
Coming Soon: DOL’s Proposed Rules Facilitating Alternative Assets in 401(k) Plans
By Adam Scoll & Jesse T. Foley on
On January 13, 2026, the Department of Labor (the “DOL”) submitted to the White House Office of Management and Budget (“OMB”) proposed rules (the “Proposed Rules”) relating to the inclusion of alternative assets (such as digital assets, private equity, private credit and real estate) within 401(k) and other defined contribution plans (collectively, “DC Plans”).
As…
It’s November 11th, Do You Know When Your Private Investment Fund’s VCOC Annual Valuation Period Is?
By Adam Scoll on
Similar to the old school public service announcements that used to tell us the time of day and asked us if we knew where our children were, Proskauer wants to make sure fund managers are complying with their applicable “venture capital operating company” (“VCOC”) obligations.
A manager of a private investment fund that accepts investments…