Biden administration to implement Trump Fiduciary Rule

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

In what I consider a surprise move, the Department of Labor (DOL) announced that it will allow a Trump-era exemption for investment advice fiduciaries to move forward.

The rule entitled “Improving Investment Advice for Worker & Retirees,” an exemption for investment advice fiduciaries, will go into effect as scheduled. In the coming days, the agency will publish related guidance for retirement investors, employee benefit plans and investment advice providers.

The Trump administration replacement rule has two main parts: a new prohibited transaction exemption allowing advisors to provide conflicted advice for commissions; and a reinstatement of the “five-part test” from 1975 to determine what constitutes investment advice.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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