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NEWS - EBSA to Re-Propose Definition of Fiduciary Rule

September 19, 2011 – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will re-propose its rule on the definition of a fiduciary.

The decision to re-propose is due in part to requests from the public, including from members of Congress, that the agency allow an opportunity for more input on the rule, EBSA said in a news release.

Specifically, the agency anticipates revising provisions of the rule including, but not restricted to: clarifying that fiduciary advice is limited to individualized advice directed to specific parties, responding to concerns about the application of the regulation to routine appraisals, and clarifying the limits of the rule’s application to arm’s length commercial transactions, such as swap transactions.

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