Proposed 408(b)(2) Regulations

[jpod]

The proposed reg. published by DOL a couple of weeks ago would impose new contract and disclosure requirements as a condition for relief under the "service-provider" exemption from the PT rules. Perhaps I am missing the forest for the trees on this one, or suffering from brain freeze, but does anyone see anything in the reg. explaining how those requirements would apply (if at all) in the context of service-providers providing services to group trusts, hedge funds, and other commingled vehicles that are deemed to hold "plan assets" (but not providing those services directly to plans that invest in those vehicles)? Did the DOL slip up, or am I overlooking some very fundamental principle?