Law360, New York (August 10, 2016, 12:34 PM EDT) -- On April 8, 2016, the U.S. Department of Labor finalized its new regulation concerning fiduciaries and conflicts of interest under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (code). (In this article, the term ERISA refers to both Title I of ERISA and the prohibited transaction provisions of Section 4975(c) of the code, unless the context indicates otherwise.) The DOL's 2016 regulatory package addresses the definition of fiduciary investment advice and certain prohibited transaction class exemptions (PTEs), including two new PTEs — the best interest contract exemption (discussed below) and a PTE for principal transactions....