[20170705]IF10686_DOL 2016年投资建议信托规则.pdf

https:/crsreports.congress.gov July 5, 2017DOLs 2016 Fiduciary Rule on Investment AdviceUnder the Employee Retirement Income Security Act of 1974 (ERISA; P.L. 93-406), a person who provides investment advice has a fiduciary obligation to provide the advice in the sole interest of plan participants. Thus, redefining the term investment advice could affect who is subject to this fiduciary standard. More detailed information about the rule is available in CRS Report R44884, Department of Labors 2016 Fiduciary Rule: Background and Issues. On April 8, 2016, DOL issued a final rule that redefined the term investment advice within pension and retirement plans. On April 7, 2017, DOL delayed the applicability date by 60 days to June 9, 2017, of (1) the expanded definition of investment advice and (2) the Impartial Conduct Standard of the Best Interest Contract (BIC) exemption. While these two aspects of the rule are currently in effect, other aspects of the exemptions become applicable on January 1, 2018. Prior Regulation From 1975 Regulations issued in 1975 defined investment advice using a five-part test. To be held to ERISAs fiduciary standard with respect to his or her advice, an indiv