United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2017_register executive 2017-04-06 article Rules and Regulations D09002ee1c7f20243 D09002ee1c7f202d1 United States Department of Labor originator org United States Government Agency or Subagency United States Employee Benefits Security Administration originator org United States Government Agency or Subagency This document extends for 60 days the applicability date of the final regulation, published on April 8, 2016, defining who is a "fiduciary" under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. It also extends for 60 days the applicability dates of the Best Interest Contract Exemption and the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs. It requires that fiduciaries relying on these exemptions for covered transactions adhere only to the Impartial Conduct Standards (including the "best interest" standard), as conditions of the exemptions during the transition period from June 9, 2017, through January 1, 2018. Thus, the fiduciary definition in the rule (Fiduciary Rule or Rule) published on April 8, 2016, and Impartial Conduct Standards in these exemptions, are applicable on June 9, 2017, while compliance with the remaining conditions in these exemptions, such as requirements to make specific written disclosures and representations of fiduciary compliance in communications with investors, is not required until January 1, 2018. This document also delays the applicability of amendments to Prohibited Transaction Exemption 84-24 until January 1, 2018, other than the Impartial Conduct Standards, which will become applicable on June 9, 2017. Finally, this document extends for 60 days the applicability dates of amendments to other previously granted exemptions. The President, by Memorandum to the Secretary of Labor dated February 3, 2017, directed the Department of Labor to examine whether the Fiduciary Rule may adversely affect the ability of Americans to gain access to retirement information and financial advice, and to prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Rule as part of that examination. The extensions announced in this document are necessary to enable the Department to perform this examination and to consider possible changes with respect to the Fiduciary Rule and PTEs based on new evidence or analysis developed pursuant to the examination. 82 FR 16902 https://www.govinfo.gov/app/details/FR-2017-04-07/2017-06914 2017-06914 fr07ap17-8 RIN 1210-AB79 4510-29-P https://www.govinfo.gov/app/details/FR-2017-04-07/2017-06914 https://www.govinfo.gov/content/pkg/FR-2017-04-07/html/2017-06914.htm https://www.govinfo.gov/content/pkg/FR-2017-04-07/pdf/2017-06914.pdf Employee Benefit Plans Exemptions Fiduciaries Investments Pensions Prohibited Transactions Reporting and Recordkeeping Requirements Securities 17 p. 16902 16918 82 FR 16902 Title 29 Part 2510 29 CFR Part 2510 RIN 1210-AB79 Definition of the Term “Fiduciary”; Conflict of Interest Rule-Retirement Investment Advice; Best Interest Contract Exemption (Prohibited Transaction Exemption 2016-01); Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (Prohibited Transaction Exemption 2016-02); Prohibited Transaction Exemptions 75-1, 77-4, 80-83, 83-1, 84-24 and 86-128; Federal Register Vol. 82, Issue RULE 2017-06914 DEPARTMENT OF LABOR Employee Benefits Security Administration 2017-04-10 4510-29-P 2017-06914 Final rule; extension of applicability date.

This document extends for 60 days the applicability date of the final regulation, published on April 8, 2016, defining who is a "fiduciary" under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. It also extends for 60 days the applicability dates of the Best Interest Contract Exemption and the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs. It requires that fiduciaries relying on these exemptions for covered transactions adhere only to the Impartial Conduct Standards (including the "best interest" standard), as conditions of the exemptions during the transition period from June 9, 2017, through January 1, 2018. Thus, the fiduciary definition in the rule (Fiduciary Rule or Rule) published on April 8, 2016, and Impartial Conduct Standards in these exemptions, are applicable on June 9, 2017, while compliance with the remaining conditions in these exemptions, such as requirements to make specific written disclosures and representations of fiduciary compliance in communications with investors, is not required until January 1, 2018. This document also delays the applicability of amendments to Prohibited Transaction Exemption 84-24 until January 1, 2018, other than the Impartial Conduct Standards, which will become applicable on June 9, 2017. Finally, this document extends for 60 days the applicability dates of amendments to other previously granted exemptions. The President, by Memorandum to the Secretary of Labor dated February 3, 2017, directed the Department of Labor to examine whether the Fiduciary Rule may adversely affect the ability of Americans to gain access to retirement information and financial advice, and to prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Rule as part of that examination. The extensions announced in this document are necessary to enable the Department to perform this examination and to consider possible changes with respect to the Fiduciary Rule and PTEs based on new evidence or analysis developed pursuant to the examination.

Effective dates: This rule is effective April 10, 2017. The end of the effective period for 29 CFR 2510.3-21(j) is extended from April 10, 2017, to June 9, 2017. <bullet> For questions pertaining to the fiduciary regulation, contact Jeffrey Turner, Office of Regulations and Interpretations, Employee Benefits Security Administration (EBSA), (202) 693-8825. Employee Benefit Plans Exemptions Fiduciaries Investments Pensions Prohibited Transactions Reporting and Recordkeeping Requirements Securities Definition of the Term Fiduciary; Conflict of Interest Rule - Retirement Investment Advice; Best Interest Contract Exemption; etc. , https://permanent.access.gpo.gov/gpo55500/cea_coi_report_final.pdf https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/faqs/coi-rules-and-exemptions-part-1.pdf https://www.dol.gov/sites/default/files/ebsa/laws-and-regulations/rules-and-regulations/completed-rulemaking/1210-AB32-2/conflict-of-interest-ria.pdf Vol. 82, no. 66 Office of the Federal Register, National Archives and Records Administration 2017-04-07 continuing daily deposited born digital 216 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2017-04-07 P0b002ee19477422f 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr07ap17 https://www.govinfo.gov/app/details/FR-2017-04-07 https://www.govinfo.gov/content/pkg/FR-2017-04-07/pdf/FR-2017-04-07.pdf https://www.govinfo.gov/content/pkg/FR-2017-04-07/xml/FR-2017-04-07.xml fdlp 16891 17096 DGPO 2017-04-06 2024-06-01 FR-2017-04-07 machine generated eng FR FR-2017-04-07 82 66