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Investment Advisers to Plans May Be Required to Deliver 'Disclosure Guide' Under ERISA
Proskauer Rose LLP Link to more items from this source
[Guidance Overview]
Apr. 10, 2014
"[U]nless revised or clarified, the Proposed Amendment would presumably prohibit a covered service provider from including the guide as an exhibit or attachment to another document ... [It] is possible that a covered service provider would need to deliver a guide even in situations where it had already sent out 408(b)(2) disclosures in compliance with the Final Regulations. Further, even those covered service providers that have already delivered a form of guide might need to deliver a new one if the original delivery did not comply with the requirements of the Proposed Amendment ... [A] failure to deliver the guide in accordance with the requirements of the Proposed Amendment would be treated as a failure to comply with the requirements of the ERISA Section 408(b)(2) 'necessary services exemption', potentially resulting in a non-exempt prohibited transaction if no other exemption is available."

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