The Labor Department issued its first round of responses to Frequently Asked Questions about the fiduciary rule released earlier this year. The Labor Department plans on sending a total of three rounds of responses to FAQs. This first round of Q&A (34 questions and answers) are related to the best-interest contract exemption and prohibited-transaction exemption. The second round of FAQs is expected to be shared soon according to Ms. Borzi, the assistant secretary of labor at the department’s Employee Benefits Security Administration. You can view the entire FAQ document here.
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