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Participant Investment Advice Regulation Resurrected
Ford & Harrison LLP Link to more items from this source
[Guidance Overview]
Mar. 2, 2010
Excerpt: The Department ... decided not to reissue the class exemption [that was issued at the time of prior investment advice regulation], and as a result, specifically noted that neither the statutory exemption nor the new proposed regulation provides relief for any individualized advice provided to participants following the furnishing of computer-model investment recommendations unless the subsequent advice, on its own, satisfies the requirements of the statutory exemption (such as being rendered under an acceptable fee-leveling arrangement). [Also,] the new proposed rule clarifies that the fee-leveling requirement of the statutory exemption prohibits fiduciary advisors from receiving any compensation based on the investments selected by plan participants, and that the limitation 'applies both to an entity that is retained to render advice, and to any employee, agent, or registered representative of such an entity.' Further, the prohibition against receipt of compensation for favoring or recommending particular investments applies to a fiduciary adviser if the advisor receives no such fees but an affiliate of the fiduciary adviser might receive fees that vary depending on the investment options selected.

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