DOL Floats Revised Fiduciary Rule to Align With Reg BI
July 1, 2020 by Melanie Waddell
The Department of Labor said late Monday afternoon that it is proposing a new exemption for investment advice fiduciaries, allowing them to receive “a wide variety of payments that would otherwise violate the prohibited transaction rules.”
Those payments include “commissions, 12b-1 fees, trailing commissions, sales loads, mark-ups and mark-downs, and revenue sharing payments from investment providers or third parties” and would extend to rollover advice, according to the proposal.
“Today’s proposed exemption would give Americans more choices for investment advice arrangements, while protecting the retirement savings of American workers,” said Labor Secretary Eugene Scalia, in a statement. “The exemption would add to the tools individuals need to make the right decisions for their financial future.”
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