On February 26, 2010, the U.S. Department of Labor (DOL) released its reproposed regulation implementing the ERISA exemptions for participant investment advice enacted in the Pension Protection Act of 2006 (PPA).

By way of background, the ERISA prohibited transaction rules generally bar investment advisers from providing advice to retirement plans and their participants, including IRAs, on investments that generate additional income for the adviser or its affiliates. This prohibition most particularly affects advisers affiliated with...