"[The final fiduciary rule] has: [1] Further clarified what constitutes fiduciary advice.... [2] Made best interest contract (BIC) exemption available for more advice.... Advisers recommending any asset -- not just those on an asset list included in the proposal -- can take advantage of the BIC exemption ... BIC exemption will be available for advice to small businesses that sponsor 401(k) plans, as well as for advice to IRA customers and plan participants.... BIC exemption includes special provisions clarifying how it can be used for recommendation of proprietary products ... [3] Streamlined and simplified requirements of BIC exemption.... Eliminates the contract requirement for ERISA plans and their participants and beneficiaries.... For advice to IRA holders, provides firms flexibility on when to enter into the contract.... Minimizes number of contractual parties.... Significantly streamlines and simplifies the required disclosures.... Eliminates data retention requirements.... BIC exemption contains a streamlined 'level fee' provision, ... [4] Grandfathered existing investments.... [5] Extended implementation time period."  MORE >>