The Final Rule: DOL’s Expanded Definition of Investment Advice Fiduciary Under ERISA and Revised Complex of Exemptions

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Just less than a year since its proposal, and just more than six months after receiving thousands of pages of commentary, petitions and hearing testimony, the Department of Labor finalized its redefinition of “investment advice fiduciary” for ERISA purposes and its modification of the complex of exemptions corollary to that definition. This remains the most substantial and consequential regulatory undertaking by DOL since the enactment of ERISA in 1974.

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