The U.S. Department of Labor (the DOL) has published its long-awaited proposed rule on selecting alternative investments in participant-directed 401(k) plans.

Recent developments at the federal legislative and regulatory levels signal a significant shift toward greater transparency requirements in the pharmacy benefit management (PBM) industry.

Recent developments suggest a potential inflection point in the proxy advisory landscape. JPMorgan Chase & Co.’s decision to discontinue the use of proxy advisory firms in favor of an internal, AI-driven voting platform, combined with escalating regulatory, legislative, and enforcement activity targeting the industry, signals heightened scrutiny of the role and influence of proxy advisors in U.S. capital markets. In this alert, we examine JPMorgan’s move, the broader regulatory and political backdrop, and what these developments may mean for plan fiduciaries, asset managers, and public companies navigating proxy voting and governance decisions in a rapidly evolving environment.