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DOL’s Fiduciary Rule 3.0: Exemption and Investment Advice Fiduciary Definition (PDF)
Eversheds Sutherland Link to more items from this source
[Guidance Overview]
Dec. 29, 2020

22 pages. "While the final guidance broadly retains the structure and approach of Proposal 3.0, DOL incorporated the following important changes ... [1] DOL further explicated and tightened its discussion of the circumstances in which it will consider rollover advice to be fiduciary 'investment advice,' under a new interpretation of the 1975 5-part test. [2] Where rollover advice is conflicted fiduciary advice that requires the relief of the new PTE, DOL added as a condition written disclosure to Retirement Investors of the reasons that a rollover recommendation is in their best interest.... DOL announced [a February 16, 2021 effective date] for the new PTE and sunset date for reliance on DOL's prior guidance on rollover advice ... and a December 20, 2021, sunset date for its temporary enforcement policy adopted after vacatur of Final Rule 2.0."

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