Council Submits Comments on Fiduciary Advice Regulation

In July 2020, U.S. Department of Labor’s Employee Benefits Security Administration proposed an updated version of the fiduciary rule. The proposed rule, titled “Improving Investment Advice for Workers & Retirees,” creates a new prohibited transaction class exemption that would be available for investment advice fiduciaries.

The proposed exemption is intended to help workers and retirees by preserving the wide availability of investment advice arrangements and products for retirement investors. The exemption would apply to registered investment advisers, broker-dealers, banks, insurance companies, and their employees, agents, and representatives that are investment advice fiduciaries. Given the impact that this proposed rule will have on a variety of NEC members who provide financial and investment advice, the Council prepared and submitted written comments to the Department of Labor on of August 6, 2020.

Read the New England Council’s comment letter.

For more information on this issue, or on the Council’s Financial Services Committee generally, please contact Griffin Doherty.

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