On July 7, 2016, DOL released technical corrections to its two new exemptions published in April 2016 in conjunction with the

Final Rule:

..The Best Interest Contract Exemption (BICE), now officially designated as Prohibited Transaction Exemption (PTE) 2016-01; and

..The Principal Transaction Exemption, designated as PTE 2016-02.

The principal clarifications included in these releases are summarized below. These clarifications helpfully resolve unintended

discontinuities between the text of the exemptions and DOL’s drafting intent as expressed in the preamble or elsewhere, and

conform a detail in the definition of insurance companies that may serve as BICE Financial Institutions to applicable state insurance

law. Certain clerical corrections were also made. The revised text of each PTE is reproduced in full in the respective release.