"The DOL appears to have abandoned its efforts over the last decade to reframe the test for determining who is an investment advice fiduciary and has instead reaffirmed the five-part test.... Unresolved by the guidance are the types of relationships involving an adviser providing 'financial advice' on a regular basis.... In providing broad, principles-based relief for financial advisers' compensation arrangements, the proposed exemption differs from the DOL's historic approach to granting prohibited transaction exemptions, which generally provided relief for discrete, identified transactions."  MORE >>