{"abstract":"This document contains a proposed rule under the Employee Retirement Income Security Act (ERISA) that, upon adoption, would protect beneficiaries of pension plans and individual retirement accounts by more broadly defining the circumstances under which a person is considered to be a \"fiduciary\" by reason of giving investment advice to an employee benefit plan or a plan's participants. The proposal amends a thirty-five year old rule that may inappropriately limit the types of investment advice relationships that give rise to fiduciary duties on the part of the investment advisor. The proposed rule takes account of significant changes in both the financial industry and the expectations of plan officials and participants who receive investment advice; it is designed to protect participants from conflicts of interest and self- dealing by giving a broader and clearer understanding of when persons providing such advice are subject to ERISA's fiduciary standards. For example, the proposed rule would define certain advisers as fiduciaries even if they do not provide advice on a \"regular basis.\" Upon adoption, the proposed rule would affect sponsors, fiduciaries, participants, and beneficiaries of pension plans and individual retirement accounts, as well as providers of investment and investment advice related services to such plans and accounts.","action":"Proposed rule.","agencies":[{"raw_name":"DEPARTMENT OF LABOR","name":"Labor Department","id":271,"url":"https://www.federalregister.gov/agencies/labor-department","json_url":"https://www.federalregister.gov/api/v1/agencies/271","parent_id":null,"slug":"labor-department"},{"raw_name":"Employee Benefits Security Administration","name":"Employee Benefits Security Administration","id":131,"url":"https://www.federalregister.gov/agencies/employee-benefits-security-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/131","parent_id":271,"slug":"employee-benefits-security-administration"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2010/10/22/2010-26236.html","cfr_references":[{"chapter":null,"citation_url":null,"part":2510,"title":29}],"citation":"75 FR 65263","comment_url":null,"comments_close_on":"2011-01-20","correction_of":null,"corrections":[],"dates":"Written comments on the proposed regulations should be submitted to the Department of Labor on or before January 20, 2011.","disposition_notes":null,"docket_ids":[],"dockets":[],"document_number":"2010-26236","effective_on":null,"end_page":65278,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2010/10/22/2010-26236.xml","html_url":"https://www.federalregister.gov/documents/2010/10/22/2010-26236/definition-of-the-term-fiduciary","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2010-26236?publication_date=2010-10-22","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2010-10-22/2010-26236/mods.xml","not_received_for_publication":null,"page_length":16,"page_views":{"count":1732,"last_updated":"2026-05-06 10:15:17 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2010-10-22/pdf/2010-26236.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2010-10-22","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2010/10/22/2010-26236.txt","regulation_id_number_info":{"1210-AB32":{"issue":"201510","html_url":"https://www.federalregister.gov/regulations/1210-AB32/conflict-of-interest-rule-investment-advice","title":"Conflict of Interest Rule--Investment Advice","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201510&RIN=1210-AB32&operation=OPERATION_EXPORT_XML","priority_category":"Economically Significant"}},"regulation_id_numbers":["1210-AB32"],"regulations_dot_gov_info":{"supporting_documents":[{"title":"Written testimony 41 Weyn LLC 081815","document_id":"EBSA-2010-0050-1263"},{"title":"Written testimony 40 Insured Retirement Institute 081715","document_id":"EBSA-2010-0050-1262"},{"title":"Written testimony 35 PIABA Peiffer 081315","document_id":"EBSA-2010-0050-1257"},{"title":"Written testimony 34 US Securities Markets Coalition Katz 081315","document_id":"EBSA-2010-0050-1256"},{"title":"Written testimony 33 CFA Institute Rittenhouse 081315","document_id":"EBSA-2010-0050-1255"},{"title":"Written testimony 32 American Society of Appraisers Tarbell 081315","document_id":"EBSA-2010-0050-1254"},{"title":"Written testimony 31 Managed Funds Association Kaswell 081315","document_id":"EBSA-2010-0050-1253"},{"title":"Written testimony 30 The Committee for the Fiduciary Standard McBride 081315","document_id":"EBSA-2010-0050-1252"},{"title":"Written testimony 27 Center for American Progress Valenti 081215","document_id":"EBSA-2010-0050-1249"},{"title":"Written testimony 25 Association for Advanced Life Underwriting Callahan 081215","document_id":"EBSA-2010-0050-1247"}],"comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=EBSA-2010-0050","supporting_documents_count":41,"docket_id":"EBSA-2010-0050","regulation_id_number":"1210-AB79","title":"Definition of the Term Fiduciary; Conflict of Interest Rule - Retirement Investment Advice; Best Interest Contract Exemption; etc.","checked_regulationsdotgov_at":"2010-11-10T10:07:54Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":65263,"subtype":null,"title":"Definition of the Term “Fiduciary”","toc_doc":null,"toc_subject":null,"topics":["Employee benefit plans","Pensions"],"type":"Proposed Rule","volume":75}