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DOL Proposed "Fiduciary Rule" Exemption - Practical Issues and Opportunities

Date: October 2020
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On June 29, 2020, the U.S. Department of Labor (DOL) proposed an exemption (Proposal) for Employee Retirement Income Securities Act (ERISA) and Internal Revenue Code (Code) fiduciary investment advice that opens a new chapter in DOL's "fiduciary rule" saga.

The Proposal:

  • would allow certain investment advice fiduciaries to engage in transactions otherwise prohibited under ERISA and the Code.
  • would provide relief that is broader and more flexible than the existing statutory exemption for investment advice fiduciaries.
  • includes updated guidance that would make it more difficult to avoid fiduciary status when providing rollover advice.

Our panelists discuss the practical issues and opportunities presented by the Proposal, as well as the underlying policy considerations.

  • Kristina Zanotti
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