"We think the best approach is to put the burden on the service provider to make the determination of whether it is subject to the guide requirement under consideration of the following factors: [1] Is the disclosure drafted in a manner understandable to the average person, and assuming the recipient has no knowledge or understanding of financial industry fee structures? [2] Is the disclosure only as long as is necessary to convey the required information consistent with the first factor? If the service provider cannot answer both questions in the affirmative, they would be subject to the guide requirement."

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