On June 21, 2018, the U.S. Court of Appeals for the Fifth Circuit issued its “mandate,” making effective its earlier decision to vacate the Department of Labor’s fiduciary rule (Fiduciary Rule) in its entirety. The mandate removes the Fiduciary Rule from the books and restores the old five-part test for determining when one is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974, as amended (ERISA). Hedge fund and other private fund managers that market their products and services to ERISA and individual retirement account (IRA) investors will likely be impacted by these developments. In a guest article, K&L Gates partner Robert L. Sichel provides background on the Fiduciary Rule and discusses the effect that the Fifth Circuit’s mandate vacating the rule will likely have on how fund managers interact with, and market to, ERISA and IRA investors. For additional insight from Sichel on the Fiduciary Rule, see “Steps Hedge Fund Managers May Take Today to Avoid Being Deemed a Fiduciary Under the DOL’s New Fiduciary Rule” (Jun. 29, 2017).