Sentences with phrase «transaction exemptions»

The technical clarifications DOL issued in early July addressed whether insurance companies can use the best interest contract exemption as well as principal transaction exemption clarifications.

In some cases, previously granted exemptions were revoked or were narrowed in scope, with the aim that investment advice fiduciaries would rely primarily on the BIC Exemption and Principal Transactions Exemption when they provided advice to retirement investors in the retail marketplace.

We also counsel clients on complex employee benefit plan issues, including an entity's fiduciary status under ERISA and on obtaining advisory opinions and prohibited transaction exemptions from the Department of Labor.

C. Prohibited Transaction Exemption 77 - 4, Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans;

The Department of Labor has issued technical corrections to the fiduciary rule, specifically clarifying whether insurance companies can use the best interest contract exemption as well as principal transaction exemption clarifications.

In this way, the Fiduciary Rule (i.e., the new fiduciary definition itself) will become applicable after the 60 - day delay, and the BIC Exemption and the Principal Transactions Exemption will be available as of that date but these exemptions will only require fiduciaries to adhere to the Impartial Conduct Standards for covered transactions until January 1, 2018, when the remaining conditions will apply unless revised or withdrawn.

For questions pertaining to the prohibited transaction exemptions, contact Karen Lloyd, Office of Exemption Determinations, EBSA, [phone].

In the Principal Transactions Exemption, the Impartial Conduct Standards specifically refer to the fiduciary's obligation to seek to obtain the best execution reasonably available under the circumstances with respect to the transaction, rather than to receive no more than «reasonable compensation.»

Accordingly, references in this document to «reasonable compensation» in the context of the Principal Transactions Exemption should be read to refer to this best execution requirement.

Applicability dates: See Section E of the SUPPLEMENTARY INFORMATION section for dates for the prohibited transaction exemptions.

Also, more controversial provisions — such as requirements to execute enforceable written contracts under the Best Interest Contract and Principal Transactions Exemption, and changes to PTE 84 - 24 (other than the addition of the Impartial Conduct Standards)-- are not applicable until January 1, 2018, while the Department is honoring the President's directive to take a hard look at any potential undue burdens and decides whether to make significant revisions.