The US Department of Labor (DOL) has issued its first set of FAQs under the fiduciary investment advice rule (the “Rule”) and related prohibited transaction exemptions. In general, the Rule provides that parties providing “investment advice” (as defined under the Rule) to plan sponsors or fiduciaries, plan participants, or IRA owners are not permitted to receive payments that would create conflicts of interest without complying with a prohibited transaction exemption. The purpose of the Rule is to require advisers to put their clients’ interests before their own financial interests.