The Department of Labor dramatically changed the landscape for financial advisers and investors, announcing final rules that will change most financial advisers standard of care to clients from a "suitability" analysis to a "fiduciary duty". A fiduciary duty is a very high standard of care. This is already leading to a flurry of industry changes as financial advisers and firms work to readjust their relationships and comply with these new duties. Some are left wondering why the SEC didn't lead the charge in drafting new rules, and whether the SEC will yet make further rules.
On March 2, 2016, the Supreme Court of the United States ("SCOTUS") heard oral argument in Whole Woman's Health v Hellerstedt, a critical abortion rights case challenging a 2013 Texas law requiring medical facilities where abortions are performed meet ambulatory surgery center ("ASC") standards and the doctors performing the abortions have admitting privileges at a local hospital. This is the most significant abortion case before SCOTUS since Planned Parenthood v Casey in 1992, in which the Court ruled the states were not allowed to place undue burdens on a woman's constitutional right to an abortion, including "unnecessary health regulations" that imposed a substantial obstacle to a woman seeking an abortion.