Pensions and Retirement Funds – Global Investment Law Watch

United States: 401(k) Plan Access to Alternative Investments–DOL Seeks to Clarify Fiduciary Duties and Proposes “Safe Harbor”

Mar 31 2026

By: Sasha Burstein, Ruth E. Delaney, Pablo J. Man, Robert L. Sichel

On 30 March 2026, Department of Labor (DOL) issued a proposed rule, in response to President Trump’s August 2025 executive order, that seeks to clarify DOL’s position on fiduciary duties in connection with the selection of investment options for participant-directed individual account plans (e.g. 401(k) plans) – including investment options that feature exposure to alternative assets – and would establish a “safe harbor” for fiduciaries who follow a prudent process in making available such investment options to plan participants. Comments on the proposal are due on or before 60 days from the date of publication in the Federal Register.

Australia: A Seat at the Table–What Does the Government’s Economic Reform Roundtable Mean for Superannuation Fund Trustees?

Sep 08 2025

By: Ravi Jayemanne, Ben Kneebush, and Thais Fernandes (Graduate)

From 18–21 August 2025, the Australian Government (Government) hosted the Economic Reform Roundtable with industry and government leaders to explore reforms aimed at boosting productivity, resilience, and budget sustainability.

United States: US$12.2 Trillion Opportunity–Executive Order Paves the Way for Easier 401(k) Plan Access to Alternative Investments

Aug 08 2025

By: Ruth E. Delaney, Robert L. Sichel, and Jennifer L. Klass

On 7 August 2025, President Trump signed an executive order intended to modernize the 401(k) investment universe, directing the Secretary of Labor to clarify the US Department of Labor’s (DOL) position on fiduciary duties in connection with offering products containing exposure to alternative assets to defined contribution plans, such as 401(k) plans, potentially establishing “appropriately calibrated safe harbors” for such investments. The order also directs the Securities and Exchange Commission (SEC) to ease access to alternative assets for such plans by revisiting applicable regulations and guidance, including that related to accredited investor and qualified purchaser status.

Asia: Japan Adopts “Asset Owner Principles” Amid Growing Interests in Alternative Investments Among Japanese Pensions

Sep 05 2024

By: Tsuguhito Omagari and Yuki Sako

On August 28, under the ongoing “Japan as a leading asset management center” policy initiative, the Japanese government adopted “Asset Owner Principles” (Principles), which are five “common principles” that are “useful” for asset owners in “fulfilling their responsibilities to manage assets (fiduciary duties) in consideration of the best interests of the beneficiaries.” Asset owners are described to include public pensions, benefit associations, corporate pensions, insurance companies and university funds. These Principles are:

United States: CME Group Clarifies and Emphasizes the Duty to Supervise Trading on its Markets

Aug 09 2024

By: Clifford Histed and Cheryl Isaac

If you or your company trades on CME, CBOT, NYMEX or COMEX (CME Group exchanges, collectively referred to herein as “CME”), you will need to take note of CME’s new Market Regulation Advisory Notice (MRAN), which became effective on 16 July. The new MRAN is called “Supervisory Responsibilities for Employees and Agents” and should be reviewed closely to understand CME’s expectations related to diligent supervision, including policies, trainings, monitoring, remediation and sanctions.

Australia: Environmental Futures Launch on the ASX

Aug 06 2024

By: Matthew Watts and Lisa Lautier

Environmental Futures

In a push to support investors through the energy transition, the Australian Securities Exchange (ASX) has listed a suite of environmental futures contracts on ASX 24 covering:

Europe: European Commission Adopts Delegated Regulations for ELTIF 2.0 and Rejects Key Changes Proposed by ESMA

Jul 23 2024

By: Gayle Bowen and Shane Geraghty

The European Commission (EC) has adopted the long awaited ELTIF 2.0 Delegated Regulation (RTS). Its version rejects a number of key proposals previously introduced by ESMA. In particular, the EC has returned to its original versions of Annex I and Annex II, with minor amendments.

Australia: Recovery and Exit Planning – Is the Superannuation Industry Ready?

Jul 18 2024

By: Claudine Salameh and Tamsyn Sharpe

From 1 January 2025, Prudential Standard CPS 190 (CPS 190) will come into effect for Registrable Superannuation Entity (RSE) licensees. These entities will be required to have detailed recovery and exit plans to support the navigation of events which may threaten their financial viability. Following a recent review of the superannuation industry’s preparedness for the commencement of CPS 190, the Australian Prudential Regulatory Authority (APRA) expressed the urgent need for RSE licensees to ‘consider and develop more robust and effective‘ contingency plans.

Australia: NSW Anti-Slavery Commissioner Proposes a Financial Services Code of Practice to Combat Modern Slavery

Jul 18 2024

By: Jim Bulling and Emre Cakmakcioglu

In May 2024, the NSW Anti-slavery Commissioner (Commissioner) published a Discussion Paper introducing a draft Code of Practice (Code) to reduce modern slavery in the financial services sector. The Commissioner sought feedback on both the Discussion Paper and Code by 15 July 2024.

Global: Three Things to Know About Cboe’s ETF Share Class Filing

Apr 23 2024

By: Stacy L. Fuller, Kevin R. Gustafson, Christine Mikhael and Crystal Liu

On 15 April 2024, Cboe BZX Exchange, Inc. (Cboe) filed an application pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC), to amend its exchange-traded funds (ETFs) listing standards to permit ETF share classes issued by open-end investment companies that offer mutual fund share classes pursuant to any exemptive relief to be granted by the SEC.

Category:Pensions and Retirement Funds