Description: RIA Compliance Blog — Published by RIA Compliance Lawyers — Registered Investment Advisor Regulation Attorneys — Parker MacIntyre
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Customized Legal and Compliance Solutions for Investment Advisers and Other Financial Professionals and Businesses Customized Legal and Compliance Solutions for Investment Advisers and Other Financial Professionals and Businesses Customized Legal and Compliance Solutions for Investment Advisers and Other Financial Professionals and Businesses RIA Compliance Blog DOL Drops Appeal of Court Ruling Partially Vacating its PTE 2020-02 Guidance June 22, 2023 | Patricia Klusmeyer The DOL recently dismissed its appe
Whether an individual is providing fiduciary investment advice under ERISA or the Code is determined by the DOL’s five-part test set forth in its 1975 regulation. Generally, an individual will be deemed to be rendering fiduciary investment advice if: 1) the individual renders advice to a plan or IRA as to the value of, or advisability of investing in, securities or other property; 2) on a regular basis ; 3) pursuant to a mutual agreement with the plan or IRA; 4) that the advice will serve as a primary basis
PTE 2020-02 is a prohibited transaction exemption under ERISA. It requires Financial Institutions, including RIAs, to meet several enumerated requirements, including adhering to the “Impartial Conduct Standards,” in order to rely upon the exemption with respect to certain transactions, including rollover recommendations. It also requires Financial Institutions to adopt policies and procedures to assure compliance with all of the substantive provisions of PTE 2020-02.
RIA Compliance Lawyer | Investment Broker-Dealer Attorney | Parker MacIntyre