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DOL/EBSA RIN: 1210-AB32 Publication ID: Spring 2016 
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 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 IRA 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: Completed Actions 
Major: Yes  Unfunded Mandates: Private Sector 
EO 13771 Designation: uncollected 
CFR Citation: 29 CFR 2510.3-21(c)   
Legal Authority: 29 U.S.C. 1002    ERISA sec 3(21)    29 U.S.C. 1135    ERISA sec 505   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/22/2010  75 FR 65263   
NPRM Comment Period End  01/20/2011    
Second NPRM  04/20/2015  80 FR 21928   
Second NPRM Comment Period End  07/06/2015 
Notice of Public Hearing and Extension of Comment Period  06/18/2015  80 FR 34869   
Extension of Comment Period End  07/21/2015 
Final Action  04/08/2016  81 FR 20945   
Final Rule Effective  06/07/2016 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses, Organizations  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
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