DOL Releases FAQs on PTE 2020-02, Foreshadows Future Activity on Investment Advice
By EsqSocial Corporation 20/04/21
On April 13, 2021, the Department of Labor (“DOL”) issued a set of Frequently Asked Questions (“FAQs”) on the DOL’s new class exemption for the provision of investment advice, known as Prohibited Transaction Exemption (“PTE”) 2020-02. The FAQs also cover DOL’s interpretation of the five-part test under its 1975 regulation defining who is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 4975 of the Internal Revenue Code...
By: Groom Law Group, Chartered