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The Department of Labor (DOL) has finally released its follow-upto the 2016 fiduciary rule, which was vacated entirely in 2018.
Importantly, the proposal confirms that the five-part test fordetermining an investment advisor's fiduciary status will continueas the law of the land. From that point, the DOL proposes a newclass exemption to the prohibited transaction rules. Advisors whoqualify as fiduciaries can continue to receive a wide range ofcompensation — including commissions — with respect toretirement-related investment advice so long as they comply with aset of impartial conduct standards.
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