What to Do About the Return of the DOL Rule
May 3, 2021 by Thomas D. Giachetti
What You Need to Know:
- The Department of Labor rule is back — in a new “prohibited transaction exemption.”
- PTE allows investment advice fiduciaries to receive what would otherwise be prohibited compensation.
- Until Dec. 20, an investment advice fiduciary can comply by simply adhering to the PTE’s Impartial Conduct Standards.
Much to the chagrin of the advisory community, the Department of Labor rule is back — in a new “prohibited transaction exemption.” Although the PTE became effective on Feb. 16, 2021, as discussed below, full compliance will not be required until Dec. 20, 2021.