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The Proposed Advice Legislation Raises Practical Application Questions
planadviser Link to more items from this source
Apr. 26, 2009

Excerpt: Last week, Congressman Rob Andrews (D-New Jersey) introduced the Conflicted Investment Advice Prohibition Act of 2009 (see 'Andrews Introduces Advice Legislation'). The introduction of this legislation again raises questions over the fate of the final investment advice regulations published earlier this year in accordance with the Pension Protection Act (PPA) that essentially codified a means by which advisers that provided participant advice for a fee could receive compensation that could vary based on the investments recommended without violating ERISA's prohibited transaction restrictions. That codification did, however, provide that the so-called 'fiduciary adviser' adhere to specific procedures and disclosures.

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