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DOL Issues Guidance on Fiduciary Rule's New Best Interest Contract Exemption
Jackson Lewis P.C. Link to more items from this source
[Guidance Overview]
Nov. 14, 2016
"The Guidance clarifies that new conditions on all pre-existing PTEs must be met by April 10, 2017. For the two new PTEs -- the Best Interest Contract (BIC) and Principal Transactions Exemption -- the DOL has provided a 'transition period' for compliance. Financial institutions and advisers relying on either of these PTEs must meet partial requirements by April 10, 2017. To rely upon one of these exemptions on April 10, 2017, impartial conduct standards must be met."

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