Conflicted Investment Advice Rule Fiduciary Exception Disclosure Requirements

ICR 201603-1210-001

OMB: 1210-0155

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2016-04-06
Supporting Statement A
2016-04-05
IC Document Collections
IC ID
Document
Title
Status
214872
Modified
214871
Modified
213834
Modified
ICR Details
1210-0155 201603-1210-001
Historical Active 201411-1210-006
DOL/EBSA
Conflicted Investment Advice Rule Fiduciary Exception Disclosure Requirements
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 05/12/2016
Retrieve Notice of Action (NOA) 04/08/2016
  Inventory as of this Action Requested Previously Approved
05/31/2019 36 Months From Approved
61,500 0 0
56,800 0 0
0 0 0

The Department is finalizing a regulation under Employee Retirement Income Security Act (ERISA) section 3(21)(A)(ii) and Internal Revenue Code (Code) section 4975(e)(3)(B) (Final Regulation). The Final Regulation will amend a rule dating back to 1975 that defines when a person is a “fiduciary” under ERISA and the Code by reason of providing investment advice for a fee or other compensation regarding assets of a plan or IRA (i.e., an investment advice fiduciary). The Final Regulation will treat investment advisers as fiduciaries in a wider array of advice relationships than the existing regulation. The Department recognizes that in some instances, plan fiduciaries, participants, beneficiaries, and IRA owners may receive recommendations that should not be treated as fiduciary investment advice. Accordingly, the final regulation describes examples of communications that would not constitute fiduciary advice. These examples focus on communications that the Department believes Congress did not intend to cover as fiduciary “investment advice” and that parties would not ordinarily view as communications characterized by a relationship of trust or impartiality. None of the examples apply where the adviser represents or acknowledges its action as fiduciary under ERISA with respect to the advice.

US Code: 29 USC 1135 Name of Law: Employee Retirement Income Security Act
  
None

1210-AB32 Final or interim final rulemaking 81 FR 20946 04/08/2016

  80 FR 21928 04/20/2015
80 FR 21928 04/20/2015
Yes

3
IC Title Form No. Form Name
Fiduciaries with Financial Expertise
Platform Provider Disclosure
Investment Education Disclosure

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 61,500 0 0 61,500 0 0
Annual Time Burden (Hours) 56,800 0 0 56,800 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
These are new information collections resulting from the regulation.

$0
No
No
No
No
No
Uncollected
Chris Cosby 202 693-8540

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
04/08/2016


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