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DOL/EBSA | RIN: 1210-AB32 | Publication ID: Fall 2013 |
Title: Conflict of Interest Rule-Investment Advice | |
Abstract: This rulemaking would reduce harmful conflicts of interest by amending the regulatory definition of the term "fiduciary" set forth at 29 CFR 2510.3-21 (c) to more broadly define as fiduciaries employee benefits plans and individual retirement accounts (IRAs) those persons who render investment advice to plans and IRAs for a fee within the meaning of section 3(21) of the Employee Retirement Income Security Act (ERISA) and section 4975(e)(3) of the Internal Revenue Code. The amendment would take into account current practices of investment advisers and the expectations of plan officials and participants and IRAs owners who receive investment advice, as well as changes that have occurred in the investment marketplace and in the ways advisers are compensated that frequently subject advisers to harmful conflicts of interest. | |
Agency: Department of Labor(DOL) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 29 CFR 2510.3-21(c) | |
Legal Authority: 29 USC 1002 ERISA sec 3(21) 29 USC 1135 ERISA sec 505 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Jeffrey J. Turner Deputy Director, Office of Regulations and Interpretations Department of Labor Employee Benefits Security Administration N 5669, 200 Constitution Avenue NW, FP Building, Room N-5655, Washington, DC 20210 Phone:202 693-8500 |