View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

DOL/EBSA RIN: 1210-AC02 Publication ID: Spring 2023 
Title: Conflict of Interest in Investment Advice 
Abstract:

This rulemaking would amend 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 would take 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 will evaluate available prohibited transaction class exemptions and propose amendments or new exemptions to ensure consistent protection of employee benefit plan and IRA investors.

 
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: Undetermined 
CFR Citation: 29 CFR 2510.3-21   
Legal Authority: 29 U.S.C. 1002    29 U.S.C. 1135    Reorganization Plan No. 4 of 1978, 5 U.S.C. App. 252 (2020)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  08/00/2023 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: Yes 
RIN Data Printed in the FR: No 
Agency Contact:
Karen E. Lloyd
Office of Regulations and Interpretations
Department of Labor
Employee Benefits Security Administration
200 Constitution Avenue NW, FP Building, Room N-5655,
Washington, DC 20210
Phone:202 693-8510