Finalizing The ERISA Exemption For Investment Advice
November 21, 2011, 1:32 PM EST
Law360, New York (November 21, 2011, 1:32 PM EST) -- The U.S. Department of Labor on Oct. 25, 2011, issued a final rule implementing the Employee Retirement Income Security Act statutory exemption from the prohibited transaction rules for providers of investment advice to benefit-plan participants and individual retirement accounts, enacted under the Pension Protection Act of 2006.
The final rule provides certain notable clarifications and modifications of the proposed regulations issued on Feb. 26, 2010.
The PPA provides a statutory exemption from ERISA’s prohibited transaction rules to a fiduciary adviser who offers investment advice under...