This rulemaking amended the regulatory definition of the term fiduciary set forth at 29 CFR 2510.3-21(c) to more appropriately define when persons who render investment advice for a fee to employee benefit plans and IRAs are fiduciaries within the meaning of section 3(21) of ERISA and section 4975(e)(3) of the Internal Revenue Code. The amendment took into account practices of investment advisers, and the expectations of plan officials and participants, and IRA owners who receive investment advice, as well as developments in the investment marketplace, including in the ways advisers are compensated that can subject advisers to harmful conflicts of interest. In conjunction with this rulemaking, EBSA also amended existing prohibited transaction exemptions to ensure consistent protection of employee benefit plan and IRA investors. During the consideration of the proposed rule, in order to broaden public participation and community engagement in the regulatory process, the Department developed a webpage dedicated to this rulemaking that included plain language information on the rulemaking and provided information about where to submit comments. The Department also held a public hearing during the comment period for this rulemaking at which more than 40 witnesses testified.