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ARTICLE · 11 APRIL 2016

DOL Issues Long-Awaited Final Regulations Defining 'Fiduciary' And Related PTEs

Reed Smith
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On April 6, 2016, the DOL issued long-awaited final regulations that define who is an investment advice fiduciary for purposes of the ERISA, along with coordinating prohibited transaction exemptions.

United StatesEmployment and HR
John Martini
John Martini
Russell Boehner
Russell Boehner
Allison Warden Sizemore
Allison Warden Sizemore
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Executive Summary On April 6, 2016, the DOL issued long-awaited final regulations that define who is an investment advice fiduciary for purposes of the ERISA, along with coordinating prohibited transaction exemptions. These rules largely track the 2015 proposed rules but are softened in several respects.

On April 6, 2016, the Department of Labor (the "DOL") issued long-awaited final regulations that define who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Accompanying the final regulations are new prohibited transaction exemptions ("PTEs") – most notably the "best interest contract" PTE (also known as the "BICE") – and several coordinating amendments to existing PTEs.

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