Clifford Chance

DOL Finalizes Regulations on Investment Advice Exemption for Retirement

7 November 2011

The U.S. Department of Labor (the "DOL") has recently issued final regulations (the "Regulation") regarding acceptable arrangements for the provision of investment advice to participants in self-directed individual account plans, such as 401(k) plans. The Regulation will provide a welcome change under the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") where generally a party providing individualized advice for a fee can be viewed as a fiduciary.

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