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DOL Takes Another Look at Investment Advice (PDF)
Groom Law Group, via The Investment Lawyer Link to more items from this source
[Guidance Overview]
Dec. 8, 2020

"The DOL states that it will now interpret more broadly its long-standing regulation defining investment advice so that more recommendations to investors, particularly rollover distribution recommendations, will result in the provision of 'investment advice' for purposes of Section 3(21)(A)(ii) of [ERISA] and Section 4975(e)(3)(B) of the Internal Revenue Code ... [If] finalized in its current form, a fiduciary will be able to receive 'conflicted compensation' in connection with providing investment advice to retail investors pursuant to the conditions of the Exemption. The Exemption will also allow a fiduciary to provide investment advice in connection with the recommendation of certain principal transactions despite the inherent conflicts involved in such recommendations."

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