{"abstract":"This document extends for 60 days the applicability date of the final regulation, published on April 8, 2016, defining who is a \"fiduciary\" under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. It also extends for 60 days the applicability dates of the Best Interest Contract Exemption and the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs. It requires that fiduciaries relying on these exemptions for covered transactions adhere only to the Impartial Conduct Standards (including the \"best interest\" standard), as conditions of the exemptions during the transition period from June 9, 2017, through January 1, 2018. Thus, the fiduciary definition in the rule (Fiduciary Rule or Rule) published on April 8, 2016, and Impartial Conduct Standards in these exemptions, are applicable on June 9, 2017, while compliance with the remaining conditions in these exemptions, such as requirements to make specific written disclosures and representations of fiduciary compliance in communications with investors, is not required until January 1, 2018. This document also delays the applicability of amendments to Prohibited Transaction Exemption 84-24 until January 1, 2018, other than the Impartial Conduct Standards, which will become applicable on June 9, 2017. Finally, this document extends for 60 days the applicability dates of amendments to other previously granted exemptions. The President, by Memorandum to the Secretary of Labor dated February 3, 2017, directed the Department of Labor to examine whether the Fiduciary Rule may adversely affect the ability of Americans to gain access to retirement information and financial advice, and to prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Rule as part of that examination. The extensions announced in this document are necessary to enable the Department to perform this examination and to consider possible changes with respect to the Fiduciary Rule and PTEs based on new evidence or analysis developed pursuant to the examination.","action":"Final rule; extension of applicability date.","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/2017/04/07/2017-06914.html","cfr_references":[{"chapter":null,"citation_url":null,"part":2510,"title":29}],"citation":"82 FR 16902","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective dates: This rule is effective April 10, 2017. The end of the effective period for 29 CFR 2510.3-21(j) is extended from April 10, 2017, to June 9, 2017.","disposition_notes":null,"docket_ids":[],"dockets":[],"document_number":"2017-06914","effective_on":"2017-04-10","end_page":16918,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2017/04/07/2017-06914.xml","html_url":"https://www.federalregister.gov/documents/2017/04/07/2017-06914/definition-of-the-term-fiduciary-conflict-of-interest-rule-retirement-investment-advice-best","images":{"ER07AP17.000":{"large":"https://img.federalregister.gov/ER07AP17.000/ER07AP17.000_large.png","original_size":"https://img.federalregister.gov/ER07AP17.000/ER07AP17.000_original_size.png"}},"images_metadata":{"ER07AP17.000":{"large":{"identifier":"ER07AP17.000","content_type":"image/png","size":59315,"width":822,"sha":"62bcf7f3b6bff6d921d04230840fc8d5","url":"https://img.federalregister.gov/ER07AP17.000/ER07AP17.000_large.png","height":641},"original_size":{"identifier":"ER07AP17.000","content_type":"image/png","size":992997,"width":3688,"sha":"d335b9f0c25ec411930d25a3b0d83e46","url":"https://img.federalregister.gov/ER07AP17.000/ER07AP17.000_original_size.png","height":2877}}},"json_url":"https://www.federalregister.gov/api/v1/documents/2017-06914?publication_date=2017-04-07","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2017-04-07/2017-06914/mods.xml","not_received_for_publication":null,"page_length":17,"page_views":{"count":27272,"last_updated":"2026-06-26 18:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2017-04-07/pdf/2017-06914.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2017-06914.pdf?1491336925","publication_date":"2017-04-07","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2017/04/07/2017-06914.txt","regulation_id_number_info":{"1210-AB79":null},"regulation_id_numbers":["1210-AB79"],"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":"2017-04-27T06:00:18Z"},"regulations_dot_gov_url":null,"significant":null,"signing_date":null,"start_page":16902,"subtype":null,"title":"Definition of the Term “Fiduciary”; Conflict of Interest Rule-Retirement Investment Advice; Best Interest Contract Exemption (Prohibited Transaction Exemption 2016-01); Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (Prohibited Transaction Exemption 2016-02); Prohibited Transaction Exemptions 75-1, 77-4, 80-83, 83-1, 84-24 and 86-128","toc_doc":"Definition of the Term Fiduciary; Conflict of Interest Rule - Retirement Investment Advice; Best Interest Contract Exemption; etc.","toc_subject":null,"topics":["Employee benefit plans","Fiduciaries","Investments","Pensions","Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":82}