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.
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