The information on this page relates to the October 2010 Notice of Proposed Rulemaking defining when a person providing investment advice becomes a fiduciary under the Employee Retirement Income Security Act.
The Employee Benefits Security Administration announced in September 2011 that it would repropose the rule. The reproposal can be found here.
As a result of the decision to repropose this rule, the Department closed the public record on this proposed rule.
2015 – DOL / EBSA – Definition of Fiduciary; Conflict of Interest Rule-Retirement Investment Advice and Related Proposed Prohibited Transaction Exemptions; Hearing and Comment Period Extension – Posted by the Employee Benefits Security Administration on Jun 17, 2015 – regulations.gov/document/EBSA-2010-0050-0205
EBSA-2010-0050-0205
public hearing on August 10, 11, and 12, and continuing through August 13, 2015 (if necessary)
The comment periods for the proposed rule and six proposed prohibited transaction exemptions published on April 20, 2015 (80 FR 21928, 21960, 22004, 22034, 22010, 22021, and 21989)
RIN 1210-AC02 – Retirement Security Rule: Definition of an Investment Advice Fiduciary
Jeffrey Zients spoke about the Department of Labor’s proposed new rules to protect workers’ retirement savings. The rules would be similar to but more flexible than a 2010 proposal that was withdrawn by the Labor Department after complaints from Wall Street institutions.
Following Mr. Zients’ keynote speech, a panel of current and former regulators, financial officers, and lawyers participated in a discussion about the potential policies. They focused on the protections they could afford, and the potential unintended consequences that could result from their implementation. Former Representative Bentsen made concluding remarks.
“Champions, Critics and Consequences of a New Fiduciary Standard” was held at the Bipartisan Policy Center.
2017 0831 – DOL / EBSA – Proposed Rule – Extension of Transition Period and Delay of Applicability Dates – [link-Federal Register]
PTE 2016-01 – Best Interest Contract Exemption
PTE 2016-02 – Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs
PTE 84-24 – Prohibited Transaction Exemption 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, and Investment Company Principal Underwriters
2017 – EBSA – NONRULEMAKING DOCKET
2020 – DOL/ EBSA-2020-0003 – Improving Investment Advice for Workers and Retirees – [link-dol.gov]
The temporary enforcement policy announced in FAB 2018-02 remains in place.
Docket ID number: EBSA-2020-0003
Comments:
Comments may be submitted at www.regulations.gov at Docket ID number: EBSA-2020-0003.