"The DOL [moved] to re-codify the DOL's 1975 regulation providing that a person will be deemed an investment advice fiduciary if all elements of a five-part test are met (the 'Five-Part Test') and confirm that the pre-amendment versions of the PTEs will be restored. At the same time, the DOL withdrew its preamble to PTE 2020-02, which contained an interpretation of the Five-Part Test that also gave rise to litigation."  MORE >>