The New Fiduciary Rule (39): Qualified Annuity Exchanges
Key Takeaways The DOL’s fiduciary regulation will be effective on September 23 of this year. As a result, beginning on September 23 one-time recommendations to retirement investors can be fiduciary advice and, where the advice is conflicted, the protection afforded by a prohibited transaction exemption will be needed. While some of the requirements (called “conditions”) […]
The New Fiduciary Rule (38):The Fiduciary Acknowledgment
Key Takeaways The DOL’s fiduciary regulation will be effective on September 23 of this year. As a result, beginning on September 23 one-time recommendations to retirement investors can be fiduciary advice and, where the advice is conflicted, the protection afforded by a prohibited transaction exemption will be needed. While some of the requirements (called “conditions”) […]
The New Fiduciary Rule (31):The DOL’s Final Fiduciary Definition Compared to the Proposal
Key Takeaways The DOL’s fiduciary regulation and the amended Prohibited Transaction Exemptions (PTEs) 2020-02 and 84-24 will be effective on September 23 of this year. However, some of the requirements (called “conditions”) of PTEs 2020-02 and 84-24 will not be effective until a full year later…September 23, 2025. As a result, broker-dealers, investment advisers, banks, […]
The New Fiduciary Rule (30): The One-Time Recommendation Definition
Key Takeaways The DOL’s fiduciary regulation and the amended Prohibited Transaction Exemptions (PTEs) 2020-02 and 84-24 will be effective on September 23 of this year. However, some of the requirements (called “conditions”) of PTEs 2020-02 and 84-24 will not be effective until September 23, 2025. As a result, broker-dealers, investment advisers, banks and insurance companies […]
The New Fiduciary Rule (29): The Final Rules Have Arrived
Key Takeaways The final versions of the DOL’s fiduciary regulation and the amended PTEs have been published in the Federal Register. The regulation and exemptions will be effective and applicable on September 23 of this year. However, some of the requirements (called “conditions”) of Prohibited Transaction Exemptions (PTEs) 2020-02 and 84-24 will not be effective […]
Best Interest Standard of Care for Advisors #95: The Four Effective Dates for PTE 2020-02
Key Takeaways The DOL’s expanded interpretation of fiduciary advice is described in the preamble to Prohibited Transaction Exemption (PTE) 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including rollovers), and IRA owners), it results in prohibited transactions under the Internal Revenue Code and ERISA. But the PTE then […]