Best Interest Standard of Care for Advisors #55 | Faegre Drinker Biddle & Reath LLP
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary definition and the exemption for conflicts of interest. Key Takeaways The new fiduciary “rule”—Prohibited Transaction Exemption 2020-02–has two parts. The first part is the expanded definition of fiduciary advice (in the preamble to the PTE). The second part is the prohibited transaction exemp...
Source: jdsupra.com
