On March 15, 2018, the Court of Appeals for the Fifth Circuit vacated, in its entirety, the Department of Labor’s 2016 regulation that put broker/dealers, underwriters, and other financial service providers at greater risk of being treating as a fiduciary to pension plans, 401(k) plans, and IRA investors. The fate of the 2016 fiduciary rule has long been uncertain. The Trump Administration has been reconsidering the Obama-era rule, and may revise it or attempt to repeal it altogether. For now, the regulatory environment has not formally changed, so there is not yet a firm legal basis for providers of financial services to abandon the policies and procedures that have been adopted in response to the rule.