Any person whose sole activity as a professional fiduciary is as a broker-dealer, broker-dealer agent, investment adviser or investment adviser representative registered and regulated under the Corporate Securities Law of 1968, the Investment Advisers Act of 1940 or the Securities Exchange Act of 1934, or involves serving as a trustee to a company regulated by the SEC under the Investment Company Act of 1940.
A person who acts as a conservator of the person, the estate, or person and estate, or guardian of the estate, or person and estate for two or more individuals at the same time who are not related to the fiduciary or to each other is required to be licensed as a Professional Fiduciary [PC 6501(f)(1)].
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If the government holds the assets, but not in trust, it would be a fiduciary if it: 1) is responsible for administering the exchange of assets; 2) has assigned the responsibility for administering the exchange of assets to someone else, but retains the ability to reassign that responsibility; 3) is not responsible for administering the exchange of assets, but is able to set parameters for how others administer them; or 4) is not responsible for administering the exchange of assets.
If the government holds the assets in trust, it would be a fiduciary if it: 1) is responsible for administering the exchange of assets; or 2) has assigned the responsibility for administering the exchange of assets to someone else, but retains the ability to reassign that responsibility.
More recently, a rising chorus of contemporary scholars has begun to argue for a model of government designed to constrain political discretion through judicial review based upon the law of fiduciary
1Fi360 offers training, tools and resources to promote a culture of fiduciary
responsibility and improve the decision making processes of investment fiduciaries - individuals who manage money for others.
duties are critical to the integrity of a remarkably wide variety of relationships and institutions.
But ERISA and similar exposures are the proverbial tip of the fiduciary
This article identifies legal developments since 2007, which reinforce the authors' view that in the context of loan origination, mortgage broker fiduciary
duty may eventually be the rule rather than the exception.
Categories: April 22, 2010, Beneficiaries, Documentation, Fiduciary
Beneficiary System, Financial management, Information resources management, Internal controls, Lessons learned, Mental illnesses, Monitoring, Program evaluation, Program management, Safeguards, Systems evaluation, Training utilization, VA Fiduciary
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The court in Doe also stated that "[a] fiduciary
relation exists between two persons when one of them is under a duty to act for or to give advice for the benefit of another upon matters within the scope of that relation," (16) relying on Comment a to [section] 874 of the Restatement (Second) of Torts.
This last category raises questions of standing on the part of the plaintiff plan fiduciary
to sue on behalf of other plans to which the suing fiduciary
is a stranger.
Employee layoffs can also increase exposure to "breach of fiduciary
duty" allegations concerning severance or pension benefit calculations, including ERISA Section 510 claims for interference of a participant's rights under a qualified plan.
In short, the body of law courts consider when presented with fact scenarios like the fictional one just sketched is the law of fiduciary