[20151112]IF10318_DOL 2015年关于投资建议的拟议信托规则.pdf

https:/crsreports.congress.gov November 12, 2015DOLs 2015 Proposed Fiduciary Rule on Investment AdviceOn April 20, 2015, the Department of Labor (DOL) proposed redefining the term investment advice within pension and retirement plans. Currently, under 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 proposal is available in CRS Report R44207, Department of Labors 2015 Proposed Fiduciary Rule: Background and Issues. Current Regulation Regulations issued in 1975 define investment advice using a five-part test. To be held to ERISAs fiduciary standard with respect to his or her advice, an individual must (1) make recommendations on investing in, purchasing, or selling securities or other property, or give advice as to the value (2) on a regular basis (3) pursuant to a mutual understanding that the advice (4) will serve as a primary basis for investment decisions, and (5) will be individualized to