The DOL’s final fiduciary rule expands the scope of investment advice subject to ERISA | Global law firm

The DOL’s final fiduciary rule expands the scope of investment advice subject to ERISA | Global law firm

On April 23, 2024, the US Department of Labor (DOL) issued a final rule (the Final Rule) expanding the definition of an “investment advice fiduciary” with respect to employee benefit plans and IRAs for purposes of determining who is a “fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Final Rule imposes ERISA’s fiduciary protections on many types of investment advisory relationships that were exempted under the DOL’s previous regulatory definition of “investment advice fiduciary,” which has been the standard since 1975. In the DOL’s view, the Final Rule better ensures that retirement investors’ reasonable expectations are honored when they receive advice from financial professionals who hold themselves out as trusted advice providers, by requiring that such advisors adhere to stringent conduct standards and mitigate their conflicts of interest.

Timeline, practical considerations and next steps

The Final Rule is scheduled to become effective on September 23, 2024, along with changes to related prohibited transaction exemptions (PTEs), except for PTE 2020-02 and PTE 84-24, for which there will be an additional one year transition period where exemptive relief will require a written acknowledgement of fiduciary status and compliance with impartial conduct standards. It is widely anticipated that the Final Rule will be subject to litigation challenging its enforceability.

Although the fate of the Final Rule remains unclear, financial institutions and professionals are advised to begin reviewing their current processes and policies and consider what changes are necessary to comply with the Final Rule. In addition, parties that rely on PTE 2020-02 and the QPAM Exemption should review the revised requirements of those exemptions in detail to ensure the relief offered by those PTEs will be available for their businesses, and, if not, consider whether another exemption is available or if an individual exemption needs to be

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Global e-Invoicing Market Report 2024-2032 Featuring

Global e-Invoicing Market Report 2024-2032 Featuring

Dublin, March 27, 2024 (World NEWSWIRE) — The “E-Invoicing Sector Report by Channel (B2B, B2C, and Many others), Deployment Variety (Cloud-based mostly, On-premises), Application (Strength and Utilities, FMCG, E-Commerce, BFSI, Authorities, and Other individuals), and Location 2024-2032” report has been additional to ResearchAndMarkets.com’s supplying.

The world e-invoicing market arrived at US$ 13.5 billion in 2023. Seeking forward, the industry is projected to arrive at US$ 60.9 billion by 2032, exhibiting a progress rate (CAGR) of 18.2% through 2023-2032. The increasing e-commerce market, the common adoption of innovative information and facts engineering (IT) answers across numerous industries, and several technological breakthroughs, these types of as the advancement of internet and application-centered invoicing programs symbolize some of the essential factors driving the marketplace.

The e-invoicing market is being propelled by the world change towards digitalization and automation. As companies try to streamline operations and boost performance, common paper-based mostly invoicing processes are getting replaced by digital possibilities that offer you faster, much more correct, and price-successful approaches of invoicing. In addition, regulatory initiatives and mandates are playing a substantial role in driving the e-invoicing market place. Several governments and regulatory bodies are encouraging or even necessitating enterprises to carry out electronic invoicing to curb tax evasion, lower fraud, and make improvements to over-all economic transparency. These polices act as catalysts, persuasive corporations to undertake e-invoicing alternatives to keep on being compliant and steer clear of prospective penalties.

The push toward sustainability and environmental obligation is also fueling the progress of the e-invoicing current market. Corporations are increasingly recognizing the environmental influence of paper-centered processes, like the consumption of assets and the era of waste. By transitioning to e-invoicing, firms can appreciably lower their carbon footprint by minimizing paper use and squander technology. Furthermore, the increasing world wide business landscape and cross-border trade

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BestEx Research Appoints Anthony Huck Global Head of Business Development as New Asset Classes and Regions are Planned for Launch

BestEx Research Appoints Anthony Huck Global Head of Business Development as New Asset Classes and Regions are Planned for Launch

STAMFORD, Conn., April 4, 2024 /PRNewswire/ — BestEx Analysis Team LLC, a service provider of large-effectiveness algorithmic execution and measurement solutions for equities, futures, and foreign exchange trading, right now introduced the appointment of Anthony (Tony) Huck as World Head of Small business Advancement. Tony is tasked with increasing BestEx Research’s award-successful execution algorithms for equities and futures, as nicely as new asset lessons and areas planned for launch afterwards this yr.

“At this stage of our progress, we are positioned to operate farther and quicker this yr than ever prior to. With new locations and asset classes being produced, bringing Tony on board to direct business advancement will amplify our potential to provide these products to the consumers and prospective buyers who have been inquiring for additional transparency and control over their buying and selling of supplemental goods,” mentioned Hitesh Mittal, Founder & CEO of BestEx Investigate. “There are quite couple of individuals suited to this one of a kind position, rising various small business strains globally. Tony’s demonstrated success in producing and scaling companies across asset lessons and regions make him extremely certified to drive our growth.”

Tony Huck is commonly identified as a pioneer in algorithmic execution. He joins BestEx Investigate with extra than 35 years of encounter in portfolio, electronic, and algorithmic trading in equities, futures, and alternatives. Tony put in 14 a long time at ITG previously in his job, serving in a comparable organization improvement position as Handling Director and launching a portfolio investing team and execution platform which was continuously ranked the best portfolio investing platform in the business by Greenwich Associates. Whilst at ITG, Tony managed all non-US subsidiaries in Europe, Asia, Australia, and Canada, coordinating all

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Shein, Temu and other e-commerce retailers are upending global air cargo industry

Shein, Temu and other e-commerce retailers are upending global air cargo industry

The rapid increase of quickly-trend e-commerce merchants these as Shein and Temu is upending the world air cargo industry, as they significantly vie for restricted air-cargo space to woo buyers with rapid shipping moments, marketplace sources say.

Shein, PDD Group’s Temu and ByteDance’s TikTok Store, which not too long ago launched online buying in the U.S., ship the bulk of their solutions straight from factories in China to consumers by air in individually addressed packages.

Shein and Temu collectively ship almost 600,000 deals to the United States each individual day, according to a June 2023 report by the U.S. Congress, and their rising recognition is boosting air-freight charges from Asian hubs like Guangzhou and Hong Kong, creating off-peak seasons practically vanish and producing capability shortages, the sources reported.

“The greatest development impacting air freight appropriate now is not the Purple Sea, it can be Chinese e-commerce companies like Shein or Temu,” explained Basile Ricard, director of Greater China operations at freight forwarder Bollore Logistics.

According to details aggregated by Cargo Specifics Consulting, Temu ships about 4,000 tonnes a working day, Shein 5,000 tonnes, Alibaba.com 1,000 tonnes and TikTok 800 tonnes. That equates to all-around 108 Boeing 777 freighters a day, the consultancy stated.

Driven by sturdy desire for their minimal-priced apparel — like $10 Cdn tops and $5 biker shorts — Shein on your own accounts for a person-fifth of the international rapidly-manner marketplace, calculated by revenue, and has fuelled development of China’s e-commerce field, in accordance to Coresight Study.

CBC News has arrived at out to Shein and Temu for remark.

View | Why Shein’s swift development raises environmental considerations: 

Shein’s immediate growth raises environmental issues

The rapid-vogue on the web retailer Shein is rising rapidly and gurus say it could inevitably rival Amazon. But as its financial gain

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SOURCE 1 SOLUTIONS APPOINTS REBEKAH NAULT AS DIRECTOR OF GLOBAL BUSINESS DEVELOPMENT

SOURCE 1 SOLUTIONS APPOINTS REBEKAH NAULT AS DIRECTOR OF GLOBAL BUSINESS DEVELOPMENT

CLEARWATER, Fla., March 8, 2024 /PRNewswire/ — Supply 1 Solutions (S1S), a international service provider of engineering solutions and expert services, announced today that Rebekah Nault has joined the business as Director of World Organization Progress. Nault will grow the company’s existence and partnerships in new and present marketplaces and oversee the income and marketing and advertising tactic and execution globally.

Nault brings approximately 25 many years of tech sales and internet marketing encounter with a file of delivering history-breaking results and driving community consciousness for the companies she signifies. Ahead of her start with Source 1 Methods in December 2023, she worked as Director of Business enterprise Growth for KUDUCOM®, a Tampa-centered small business communications company that specializes in net and unified communications solutions.

“In the past few yrs, we’ve gotten to know Rebekah via her do the job in the group and understood she would be a good man or woman to stand for our values as a company,” mentioned Founder and CEO Robert Hessel, “She’s been a extended-awaited addition to our group and we know she’ll proceed to have a terrific effect on our firm and in the neighborhood.”

All over her vocation, Nault has also been energetic chief in the regional community, earlier serving as the Chair of the South Tampa Chamber of Commerce, Advisor and Honorary Commander with the Armed service Guidance Council for MacDill Airforce Base, and performing as an avid ambassador for a number of community-primarily based companies these as the Jackson in Motion 83 Basis, Metropolitan Ministries, Feeding Tampa Bay and the Tampa Bay Defense Alliance.

“I am enthusiastic to join Source 1 Methods and to be an integral portion of a firm that

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As Temu shakes up global e-commerce, PDD nears overtaking Alibaba

As Temu shakes up global e-commerce, PDD nears overtaking Alibaba

PDD, the business guiding the quickly-escalating browsing application Temu, is shaking up China’s Significant Tech club.

On Thursday, information of Alibaba’s market cap sliding beneath that of PDD created headlines all over the Chinese world-wide-web. This development marked a historic change in China’s e-commerce space, where for many years Alibaba experienced held the crown jewel. Now the 24-12 months-outdated incumbent is going through its greatest problems while eight-12 months-old PDD catches up with an amazing ascent.

PDD, which saw its current market price surge over $188 billion soon after reporting a doubling in profits year-more than-year, is not even trading at its all-time higher, which was recorded in early 2021. The second is a reminder of Alibaba’s gradual descent from its heights in recent moments.

Alibaba’s troubles began in late 2020 right after its founder Jack Ma publicly criticized Chinese laws, sending shockwaves by means of the country’s tech business. His remarks ended up broadly seen as the catalyst for the suspension of the original general public providing of Ant Group, the fintech large he made. In the two decades that followed, Beijing kicked off a series of crackdowns on the world-wide-web sector in an work to rein in powerful players like Alibaba.

As Ma retreated from public perspective, Alibaba experienced been working on splitting into six unbiased entities, but areas of the approach were abruptly deserted. In September, the organization said it made the decision to discontinue the spin-off of its cloud computing device, citing “uncertainties” brought on by U.S. export controls of innovative computing chips to China. It also place the prepared IPO of its grocery operation Freshippo on hold. The series of information wiped billions of pounds off Alibaba’s current market price.

In the meantime, PDD has been forging ahead thanks to advancement at house and overseas.

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