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Text of DOL Fact Sheet: Improving Investment Advice for Workers and Retirees
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Guidance Overview]
June 29, 2020
  • "The Department proposed a new prohibited transaction class exemption that would be available for investment advice fiduciaries and has submitted it to the Federal Register for publication.
  • "The Department has submitted a technical amendment to conform the text of the Code of Federal Regs to a 2018 decision by the U.S. Court of Appeals for the 5th Circuit. That decision vacated the Department's 2016 fiduciary rule and the exemptions that accompanied the rule, which had the effect of reinstating the previous regulatory text, including the 1975 regulation and its five-part test for defining an investment-advice fiduciary as well as Interpretive Bulletin 96-1 regarding participant investment education.
  • "The Department has updated its website to reflect changes to its pre-existing prohibited transaction class exemptions to reflect the court's vacatur of the 2016 rulemaking.
    • "Two class exemptions that were newly granted in 2016 -- the Best Interest Contract Exemption and the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs -- are removed.
    • "Pre-existing class exemptions that were amended in 2016 have reverted to their pre-amendment form. This includes Prohibited Transaction Exemptions (PTEs) 75-1, 77-4, 80-83, 83-1, 84-24 and 86-128."

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