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The exemption allows investment advice fiduciaries to receive compensation and to engage in principal transactions that would otherwise violate ERISA’s and the Code’s prohibited transaction provisions. (Photo: Shutterstock)

The Department of Labor issued a press release late last week confirming that the new fiduciary investment advice guidelines under Prohibited Transaction Exemption 2020-02 would go into effect on February 16, 2021. The DOL also confirmed that the temporary enforcement relief provided by Field Assistance Bulletin 2018-02 will remain in place until December 20, 2021.

The Biden administration previously issued a memo to regulatory agencies suspending new regulations issued during the waning days of the Trump administration. The purpose of the suspension is to provide the incoming administration with the opportunity to review those regulations.

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