In the face of controversy and following thousands of comments from market participants and lawmakers, the Department of Labor (“DOL”) has finalized sweeping changes to the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) that will impact broad categories of market participants that provide investment advice. On April 6, 2016, the DOL issued Definition of the Term “Fiduciary”; Conflict of Interest Rule - Retirement Investment1 (“Fiduciary Rule”) which will have the effect of greatly expanding the number of market participants that will be deemed ERISA fiduciaries and profoundly changing the provision of services to private sector employee benefit plans, primarily 401(k) plans and individual retirement accounts (“IRAs”). The DOL also issued new Prohibited Transaction Class Exemptions (“PTEs”), notably including the Best Interest Contract Exemption (“BIC Exemption”) and amendments to existing PTEs (together with the Fiduciary Rule, the “Package”).