The U.S. Department of Labor (the “DOL”) released its first set of FAQs (the “FAQs”) regarding the DOL’s recently finalized “investment advice” regulation and various related exemptions (collectively, the “Final Rules”) on October 27, 2016...

...Those dealing with retirement investors (including retirement plans and individual retirement accounts) will either have to steer clear of giving advice covered by the Final Rules or operate in compliance with them. As the DOL stated in the FAQs, “Firms and advisers [that give advice covered by the Final Rules] must either structure their compensation arrangements to avoid prohibited transactions or they must rely on [a prohibited transaction] exemption.”