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Other - JUNE 30, 2020

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Department of Labor unveils proposed exemption for investment advice

by Released

The U.S. Department of Labor today announced that it is proposing a new exemption for investment advice fiduciaries. The Department’s actions today will benefit American workers and retirees by delivering more choices for their financial future with clear standards to be upheld by investment advice providers. The proposed exemption will be published in the Federal Register for notice and comment in the near future.

The proposed exemption offers a new prohibited transaction class exemption for investment advice fiduciaries and is based on an existing temporary policy adopted after the 5th Circuit Court of Appeals vacated the Department’s 2016 fiduciary rule package. The proposal would allow investment advice fiduciaries to give more choices for retirement using Impartial Conduct Standards. Impartial Conduct Standards are a best interest standard, a reasonable compensation standard, and a requirement to make no materially misleading statements. Since the 5th Circuit’s rul

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