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Compliance and Regulatory Alerts  |  05-02-24

DOL Announces Release of Final Fiduciary Rule

The U.S. Department of Labor (DOL) has announced the release of the Retirement Security Rule, finalized on April 23, 2024, intended to modernize protections for retirement savers by updating the definition of an "investment advice fiduciary," adopted in 1975 under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.

"The updated definition of an investment advice fiduciary, which takes effect on Sept. 23, 2024, applies when trusted financial services providers give compensated investment advice to retirement plan participants, individual retirement account owners and plan officials responsible for administering plans and managing their assets." The DOL has also amended related existing administrative prohibited transaction class exemptions that are available to investment advice fiduciaries.

The rule affects BDs, RIAs, and others, and applies alongside the SEC's Reg BI, although SEC staff guidance from last year narrowed the differences between the two standards of care. Opponents of the rule change claim it is too broad and that additional regulations are unnecessary and confusing. The final rule is widely expected to be challenged in court.

Read more about the final rule at

Previous Bates Articles:

NASAA Publishes New Comment Letter on DOL Rule

Update: DOL Issues Non-Enforcement Policy on Fiduciary Rule

SEC “Best Interest” Rule Reaction, DOL Rule At Its End

Congressional Action Against the DOL Rule Fails, Three Lawsuits Filed