On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate vacating the U.S. Department of Labor's ERISA Fiduciary Rule, thus ending years of speculation regarding the rule's future. Effective immediately, the Fiduciary Rule, which largely became effective on June 9, 2017, is no longer applicable. Instead, the prior five-part test (more fully described below) will once again be relied upon for determining fiduciary status in the investment advice context. Please see our previous Client Memoranda, “U.S. DOL Releases Final ERISA Fiduciary Rule” and “ERISA Fiduciary Rule: Some Quick Action Items” for further background regarding the Fiduciary Rule.