Less than two months after allowing the Department of Labor’s new Fiduciary Exemption to take effect, the DOL’s Employee Benefits Security Administration has issued a set of FAQs on the exemption.
On June 30, the SEC’s new standard of conduct for broker-dealers (Reg BI) and Form CRS for advisers and brokers went live, with the Advisers Act fiduciary interpretation having already been in effect over the past year.
Two years after its fiduciary rule was vacated, the DOL has officially reinstated the five-part test to determine whether a person is an investment advice fiduciary.
The DOL recently issued an Information Letter confirming that defined contribution plans may offer as an investment option a professionally managed asset allocation fund, such as a target date fund, that includes as a component private equity investments.
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