The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

May 26, 2016

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the culmination of a long and arduous process to adopt new rules relating to the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and the corresponding provisions of the U.S. tax code. The final rule covers not only retirement plans subject to ERISA, but also individual retirement accounts and other non-ERISA plans. The new rule will present significant and serious compliance challenges, but appears to be more workable that the proposed versions of this controversial rule.

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