Articles by Daniel Kleinman
RE: Brookline schools will review student art after Ridley show included piece with pierced Israeli flag
Skip to content The response of Ridley School Principal Sara Yuen to a student’s artwork provided the wrong lessons and has led to a troubling policy. A piece of art should not be removed from a student show because students or parents are upset. A child’s upset or confusion is a chance for children to learn that we live in a world of diverse views and values. Teaching students to respond to positions with which they disagree is an essential function of public schools in a democracy.
DOL Removes Restrictions on Recommendations of Principal Traded Assets from Prohibited Transaction Exemption 2020-02 | JD Supra
The US Department of Labor (DOL) amended Prohibited Transaction Exemption 2020-02 (PTE 2020-02) to provide relief for recommendations of all types of principal trades. This change, effective September 23, 2024 and subject to all PTE 2020-02’s conditions, further aligns the retirement rules with securities laws like the US Securities and Exchange Commission’s (SEC’s) Regulation Best Interest (Reg. BI).
DOL Removes Restrictions on Recommendations of Principal Traded Assets from Prohibited Transaction Exemption 2020-02
The US Department of Labor (DOL) amended Prohibited Transaction Exemption 2020-02 (PTE 2020-02) to provide relief for recommendations of all types of principal trades. This change, effective September 23, 2024 and subject to all PTE 2020-02’s conditions, further aligns the retirement rules with securities laws like the US Securities and Exchange Commission’s (SEC’s) Regulation Best Interest (Reg. BI).
Department of Labor Finalizes QPAM Exemption Amendment | JD Supra
The US Department of Labor (DOL) final amendment to Prohibited Transaction Class Exemption 84-14, the so-called QPAM Exemption that is commonly relied upon by investment managers for ERISA-governed employee benefit plans and individual retirement accounts to avoid potential prohibited transaction issues, was published in the Federal Register on April 3, with the changes becoming effective on June 17, 2024.
Department of Labor Finalizes QPAM Exemption Amendment
The US Department of Labor (DOL) final amendment to Prohibited Transaction Class Exemption 84-14, the so-called QPAM Exemption that is commonly relied upon by investment managers for ERISA-governed employee benefit plans and individual retirement accounts to avoid potential prohibited transaction issues, was published in the Federal Register on April 3, with the changes becoming effective on June 17, 2024.
A Rose is a Rose: DOL’s New Fiduciary Proposal Is the Same as the Vacated 2016 Rule | JD Supra
While litigation (and other challenges) against the US Department of Labor’s (DOL’s) Retirement Security Rule is likely, its outcome is uncertain; therefore, impacted firms should consider approaches to implementation. The DOL’s proposed Retirement Security Rule (also known as DOL Fiduciary Rule 4.0) brings back many concepts from its 2016 fiduciary rule, which was vacated by the US Court of Appeals for the Fifth Circuit.
A Rose is a Rose: DOL’s New Fiduciary Proposal Is the Same as the Vacated 2016 Rule
While litigation (and other challenges) against the US Department of Labor’s (DOL’s) Retirement Security Rule is likely, its outcome is uncertain; therefore, impacted firms should consider approaches to implementation. The DOL’s proposed Retirement Security Rule (also known as DOL Fiduciary Rule 4.0) brings back many concepts from its 2016 fiduciary rule, which was vacated by the US Court of Appeals for the Fifth Circuit.
SEC Proposes Sweeping Rules on Broker-Dealer and Investment Adviser Technology Use | JD Supra
The US Securities and Exchange Commission (SEC) proposed on July 26, 2023 new rules designed to address conflicts of interest from the use of predictive data analytics in “investor interactions” by broker-dealers and investment advisors (the PDA Rules).
Event-Related Potentials in Assessing Visual Speech Cues in the Broader Autism Phenotype: Evidence from a Phonemic Restoration Paradigm
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Finalized DOL Regulation Raises Commingled Funds Proxy Voting Issue
The US Department of Labor’s final regulation on the investment duties of ERISA fiduciaries contains a special rule on proxy voting by ERISA pooled investment vehicles, which requires action by December 1, 2023.
Recommending 529 Plans: Meeting Reg. BI’s Care Obligation | JD Supra
529 Plans are state-sponsored investment programs that facilitate savings for qualified education expenses, including tuition, fees, room and board, and other education-related expenses. Unlike retirement accounts that penalize withdrawals prior to retirement age, 529 Plan funds are available for withdrawal without penalty as soon as the qualified expense is incurred, making them a potentially attractive way to save for college and other eligible education expenses. Download PDF
US Department of Labor Proposes Extensive Changes to QPAM Exemption | JD Supra
The US Department of Labor (DOL) published in the July 27, 2022, Federal Register a number of proposed changes to Prohibited Transaction Class Exemption (PTE) 84-14, the so-called “QPAM Exemption.” Investment managers of US employee benefit plan and retirement account assets commonly rely on this exemption to avoid potential violations of the prohibited transaction rules under the Employee Retirement Income Security Act of 1974 (ERISA) and parallel provisions in the Internal Revenue Code.
Amutot and PBCs Set to Independently Update Details and Information | JD Supra
The Israeli website “GuideStar,” which provides information about Amutot (One of the common types of non-profit organizations in Israel) and PBCs, launched a new and important interface that enables these organizations to independently update their details and information. This upgrade is part of the Israeli Ministry of Justice’s extensive streamlining program, which includes a transition to performing operations via an online system.
Digesting the New Proposed Exception to the ‘One-Bad-Apple Rule’ for MEPs and PEPs | JD Supra
In late March 2022, the US Internal Revenue Service withdrew regulations proposed in 2019 and issued new proposed regulations under sections 413(c) and (e) of the Internal Revenue Code, which provide for an exception to section 413’s “unified plan rule”—commonly referred to as the “one-bad-apple rule”—for multiple employer and pooled employer plans.
Israeli Amutot Business Activity | JD Supra
Many believe the law prohibits an Israeli NPO (Amutah) from operating business activity in order to maximize profits for itself. One of the reasons for this is the language of section 1 of the Amutot Law.
Major Milestones & Announcements From Our Startup Showcase
Last month, I had the opportunity to reflect on our first year journey that had taken us from our launch in September 2020 to the middle of our inaugural cohort this year. Just over a month later, we've now concluded our inaugural cohort with our startup showcase, featuring each of our startups' full pitches that included their individual progress during their time with us.
Conditions for Amutot and PBCs to Engage with Israeli State Institutions | JD Supra
Up until today, pursuant to an Israeli government resolution dating back to 2001, NPOs (such as Amutot and public-benefit companies) that did not possess a certificate of proper management could not engage with government entities. A certificate of proper management is a certificate issued to Amutot and PBCs by the Registrar of Amutot and Endowments after receiving an organization’s annual report (in conformity with the statutory requirements and the registrar’s instructions).
Reflecting on Seaworthy Collective’s First Year and Evolving Vision
This week marks one year since Seaworthy Collective was launched, when we held our first of now twenty expert panels. As soon as I put pen to paper on Seaworthy in March 2019, I recognized that the vision for it was much bigger than anything I could accomplish on my own. What has transpired since September 2020 has already exceeded all my initial ambitions.
Year-End Stimulus Bill Includes ERISA Disclosure Requirements for Certain Group Health Plan Service Providers | JD Supra
Since 2012, US Department of Labor (DOL) regulations under ERISA Section 408(b)(2)—a statutory exemption from the ERISA prohibited transaction provisions—have required certain service providers to employer-sponsored retirement plans to make detailed disclosures about their services and related “direct” and “indirect” compensation to a “responsible plan fiduciary” of the plan. At the time the DOL adopted this requirement, it specifically excluded health and other welfare plans.
DOL’s Final ERISA Proxy Voting Rule Largely Changed to Principles-based Approach | JD Supra
The US Department of Labor (DOL) has released its final rule on the application of ERISA fiduciary duties—specifically the duties of prudence and loyalty—to proxy voting and the exercise of shareholder rights. It takes effect on January 15, 2021, with delayed applicability dates for certain provisions. It adds an additional subsection to the DOL’s final “financial factors” regulation that was published in the Federal Register in November. Please see full Publication below for more information.
Second Phase of Financial Assistance Grants for Third Sector Kicks Off | JD Supra
Last May, the Social Affairs Division in the Accountant General Department in the Ministry of Finance published a number of steps designed to assist third-sector organizations (’Amutot’ and public benefit companies), and civil society. Several days ago, the second phase of financial assistance commenced. This phase expands some of the eligibility conditions for a grant (although most of the requirements remain identical to those established in the first phase).
DOL Take Three: ‘Five-Part Test’ Officially Reinstated; Proposed Investment Advice Exemption | JD Supra
Just as broker-dealers and investment advisers finalized their initial implementation plans for the US Securities and Exchange Commission (SEC) Form CRS and Regulation Best Interest (Reg. BI), the US Department of Labor (DOL) announced a final rule[1] and proposed class exemption[2] as the next step in the now 10-year-long “DOL Fiduciary Rule” saga. While the “Five-Part Test” is back on the books, the DOL’s interpretations may limit ability to disclaim fiduciary status.
Recent Developments in ERISA Plan Investment Regulation | JD Supra
The US Department of Labor has issued guidance on private equity in 401(k) plan designated investment alternatives and a proposed regulation on environmental, social, and governance investing.
Disappearing Bees and Reluctant Regulators
By Sainath Suryanarayanan, Daniel Lee Kleinman Imagine this: You’re a commercial beekeeper, who relies entirely on keeping honeybees for making a living. You head out one morning to examine your bees and find that thousands of your previously healthy hives have “collapsed” mysteriously, after your bees pollinated crops in the fields of one of the farmers with whom you contract. Your bees have abandoned their hives, and they’ve not returned.
In Focus: SEC Form CRS Roadmap – How to Navigate Its Operational Challenges | JD Supra
To help retail investors better understand the services, fees, costs, conflicts of interest, and required standards of conduct that apply to relationships with broker-dealers (Broker-Dealers), federally registered investment advisers (Investment Advisers), and dual registrants (Dual Registrants) (collectively, firms), the US Securities and Exchange Commission (SEC) is requiring firms to deliver a Form CRS customer or client relationship summary (Form CRS) at certain points in the customer or...
Athletes, Investors And Entrepreneurs: The 2019 30 Under 30 Sports Class
This article is more than 3 years old. Edited by Dan Kleinman and Chris Smith. When the honorees on this year’s 30 Under 30 Sports list aren’t attacking the net, they’re protecting their portfolio. Forbes' newest edition of this list honors the athletes, entrepreneurs and media moguls who aren’t just changing the game on the field but building their own dynasties off it.
Plan Distribution and Rollover Guidance After Chamber of Commerce v. US Department of Labor - An Analysis of the Deseret Letter | JD Supra
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Fifth Circuit Vacates DOL Fiduciary Rule ‘In Toto’ | JD Supra
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Olympic Hockey Champion Hilary Knight Believes All The Myths About Millennials Are True
The U.S. women's hockey team won gold after a dramatic shootout — the first ever in an Olympic women's hockey final — against Canada. Knight, 28, scored the first goal of the match after redirecting a shot by Sidney Morin during a power-play. Knight's effort helped the U.S. women's hockey team win their first Olympic gold medal since 1998. Earlier this year, Knight was inducted into FORBES' 2018 30 Under 30 Sports class.
Olympic Star Chloe Kim Enjoys Domino's Pizza And Pink Flower Emojis
Chloe Kim's gold-medal-winning performance in the women's halfpipe competition, with a score of 98.75 from the judges, left Winter Olympics fans spellbound earlier this week. A newfound fan favorite, Kim, 17, became the youngest woman to win a snowboarding medal in Olympic history. A year earlier, at 16, Kim was among the youngest members of the 2017 FORBES 30 Under 30 class.
Terminating an Ongoing Transaction Puts an End to Advertisements | Lexology
On February 5, 2018, the Knesset passed Amendment 66 to the Communications Law. The legislative amendment, colloquially known as “the Spam Law”, prescribes that upon the termination of a transaction between a dealer and a consumer for the purchase of goods or services on an ongoing basis (such as telephone, internet, and cable transactions), the consumer will be deemed as having issued notice that he no longer wishes to receive advertisements from that dealer (opt-out).
US Tax Reform Impacts Roth Individual Retirement Account Conversions
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No. 1: UCLA - pg.1
Conference: Pac-12 Apparel Company: Under Armour Average Annual Value: $12.76 million Average Annual Cash: $9 million Average Annual Product Allotment: $3.76 million Duration: 2017-32 The 20 Most Valuable College Apparel Deals - pg.1
The 20 Most Valuable College Apparel Deals
Apparel deals have become so lucrative, they can influence the championship trajectory of a team. As in the professional sports industry, money talks in the collegiate sports landscape. And when it comes to apparel deals, money talks in different ways. A mega-deal with Nike, Under Armour or Adidas can be used as a recruiting tool for high school prospects and provide coveted internships at one of the apparel giants, marketing and student life support, and bragging rights over other programs.
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DOL Fiduciary Rule Delay
The Fiduciary Rule transition period is extended until mid-2019, with financial institutions having flexibility in complying with the impartial conduct standards during this period. The US Department of Labor (DOL) has finalized an 18-month extension of the transition period under the new Best Interest Contract (BIC) and the Principal Transactions (PrT) exemptions and the amended Prohibited Transaction Exemption 84-24 (the PTEs).
It’s Official! DOL Finalizes Delay
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30 Under 30 Sports 2018: Meet The Most Winning Young Athletes And Entrepreneurs
Who says you have to pick between brains and brawn? Forbes' latest 30 Under 30 Sports list highlights the athletes and entrepreneurs in the sports world changing the game on and off the field. They're finding ways to revitalize their community and local economies, change the sports media landscape or close the gap in soccer's popularity between the rest of the world and North America.
Jose Altuve, 27 - pg.1
Second baseman, Houston Astros Leading the Houston Astros to their first World Series victory in 2017, Altuve is a five-time All-Star, a three-time Silver Slugger winner, a three-time American League batting champion and a two-time American League stolen bases leader. 2018 30 Under 30: Sports - pg.1
Julia Landauer Treats NASCAR Racing Like Building A Business
For Julia Landauer, a blossoming career in NASCAR has its roots in family quality time. For five years starting from when she was 10, Landauer's parents took the family to a go-kart track two hours from their New York City home almost every weekend. Landauer says she started to win "right away" against her siblings, and she fell in love with racing. She made up her mind at 12 that she wanted to be a race car driver.
DOL Issues Proposed Delay of Fiduciary Rule Compliance Date and Enforcement Relief
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Nominations Are Open: The Next 30 Under 30 In Sports
Each year, Forbes dedicates an entire magazine issue (and fancy digital packages) to trailblazing entrepreneurs, those who are changing the game from inside the world's biggest organizations and, in the Under 30 list I'm editing, premier athletes. It's almost time to decide who will be inducted into Forbes' next 30 Under 30 class, but it's not too late for list-hopefuls to throw their hat in the ring.
DOL Issues Additional Fiduciary Rule Transition FAQs
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DOL to Propose Extension of Fiduciary Rule Transition Period
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The Other Travel Ban: California College Athletic Programs Stand To Lose Millions
While the national spotlight remains on President Trump's travel ban, a college sports travel ban between states has become more severe. The California legislature recently extended its ban on state-funded travel to four more states, adding Texas, Alabama, Kentucky and South Dakota, as each state has recently passed legislation regarding sexual orientation and gender identification that are widely considered discriminatory. The ban also covers North Carolina, Mississippi, Kansas and Tennessee.
DOL Seeks Additional Comments on Fiduciary Rule
The US Department of Labor (DOL) released its “Request for Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions” on June 29. Highlights from the RFI include the following: Potential delay of January 1 compliance date. The DOL requests comments on whether to extend the transition period by delaying the applicability of certain conditions of the exemptions beyond January 1, 2018. Comments on the delay are due 15 days after the RFI is published in the Federal Register.
DOL Fiduciary Rule: Ready, Set, Go! But How Far?
The DOL has issued transition FAQs and a nonenforcement policy—meanwhile, here comes the SEC.
DOL Fiduciary Rule: Ready, Set, Go! But How Far?
The DOL has issued transition FAQs and a nonenforcement policy—meanwhile, here comes the SEC.
Nike Will Come Out On Top After The NBA Finals, Regardless Of Who Wins
Odell Beckham Jr. once made a catch against the Dallas Cowboys so electrifying that it earned Nike an estimated $2.2 million in broadcast exposure. In the NBA playoffs, LeBron doesn't have to make an awe-inspiring play to earn over $1 million for Nike. As a rookie entering the NBA a decade or two ago, it wasn't hard to land a multi-million dollar endorsement deal with Nike or Adidas if you were clearly a future superstar.
DOL Fiduciary Rule-Slowed Down, but Not Out
The rule is delayed by 60 days, with core elements taking effect June 9 as the DOL conducts a study. The Department of Labor (DOL) has issued in final form its eagerly awaited delay of changes to the fiduciary investment advice regulation, commonly referred to as the fiduciary rule, and related prohibited transaction exemptions (PTEs).
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