"The 'new' fiduciary regulation actually reinstates the old ERISA regulation defining who is an 'investment advice fiduciary' (the 'Five-Part Test') which had been revoked with the 2016 Rule, and also reinstates various class exemptions and Interpretive Bulletins ... that had long been in effect prior to the adoption of the now-defunct 2016 Rule.... The Proposed Exemption generally covers any advice to acquire, hold, dispose of, or exchange securities, as well as certain principal transactions and advice to plan participants to rollover assets from an ERISA plan to an IRA."  MORE >>