In pursuing its consultations with other regulators, the Department aimed to avoid conflict with other federal laws and minimize duplicative provisions between ERISA, the Code and federal securities laws. However, the governing statutes do not permit the Department to make the obligations of fiduciary investment advisers under ERISA and the Code identical to the duties of advice providers under the securities laws. ERISA and the Code establish consumer protections for some investment advice that does not fall within the ambit of federal securities laws, and vice versa. Even if each of the relevant agencies were to adopt an identical definition of “fiduciary,” the legal consequences of the fiduciary designation would vary between agencies because of differences in the specific duties and remedies established by the different federal laws at issue. ERISA and the Code place special emphasis on the elimination or mitigation of conflicts of interest and adherence to substantive standards of conduct, as reflected in the prohibited transaction rules and ERISA's standards of fiduciary conduct. The specific duties imposed on fiduciaries by ERISA and the Code stem from legislative judgments on the best way to protect the public interest in tax-preferred benefit arrangements that are critical to workers' financial and physical health. The Department has taken great care to honor ERISA and the Code's specific text and purposes.
Many of the differences between the 2015 Proposal and the 2010 Proposal reflect the input of commenters on the 2010 Proposal as part of the public notice and comment process. For example, some commenters argued that the 2010 Proposal swept too broadly by making investment recommendations fiduciary in nature simply because the adviser was a plan fiduciary for purposes unconnected with the advice or an investment adviser under the Advisers Act. In their view, such status-based criteria were in tension with the Act's functional approach to fiduciary status and would have resulted in unwarranted and unintended compliance issues and costs. Other commenters objected to the lack of a requirement for these status-based categories that the advice be individualized to the needs of the advice recipient. The 2015 Proposal incorporated these suggestions: An adviser's status as an investment adviser under the Advisers Act or as an ERISA fiduciary for reasons unrelated to advice were not explicit factors in the definition. In addition, the 2015 Proposal provided that unless the adviser represented that he or she is a fiduciary with respect to advice, the advice must be provided pursuant to a written or verbal agreement, arrangement, or understanding that the advice is individualized to, or that such advice is specifically directed to, the recipient for consideration in making investment or management decisions with respect to securities or other property of the plan or IRA.
Conflict legal definition of conflict - Legal Dictionary
Jyotirindra Das Gupta has also emphasized the pluralist and associational logic of the implicit rule legitimating language demands by disaffected groups. Although the bulk of his book considers the political implications of the constitutional stipulation that Hindi replace English as the all-India language (projected to occur in 1965), the final chapter addresses some broader questions concerning language, democracy, and violent conflict. With the reduced political power of the Hindi proponents in Congress after the 1962 elections, Das Gupta writes, Congress proposed an Official Languages Act in 1963 that would remove the requirement that English give way to Hindi for all administrative affairs by 1965. Though anti-Hindi forces from the south were dissatisfied (because of a loophole), the Hindi supporters in the administrative services began implementing the switchover to Hindi with all too much gusto. In Madras, where graduates were more successful than in any other state in gaining entrance to the prestigious Indian Administrative Service because of the
Meaning of conflict as a legal term
The 2010 Proposal applied to the definition of an “investment advice fiduciary” in section 4975(e)(3)(B) of the Code as well as to the parallel ERISA definition. The 2010 Proposal, like this final rule, applies to both ERISA-covered plans and certain non-ERISA plans, such as individual retirement accounts.
Meaning of conflict medical term
The violence in Sri Lanka has been egregious. In the MAR six-level scale (from acts of harassment to communal warfare), communal conflict involving the Sri Lanka Tamils was at level 5 (communal rioting) in the 1950s, went down to 4 (antigroup demonstrations) in the 1960s, went up to 5 in the 1970s, and achieved a 6 with the riots of the 1980s. In the 1990s the level was recorded at 5. As for rebellion, on a seven-point scale, going from the very lowest scores in the 1950s to 1970s, the score went to 7 in the 1980s, making the Tamil rebellion among the bloodiest of all ethnic wars in the post-World War II era.