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The DOL’s expanded interpretation of fiduciary advice is described in the preamble to Prohibited Transaction Exemption (PTE) 2020-02. When conflicted fiduciary advice is given to.

Faegre drinker biddle reathFinancial institutionFaegre drinker biddleInternal revenue codeImproving investment adviceFirst effective dateFiduciary interpretationDeseret letterSecond effective dateGood faith compliance requiredImpartial conduct standardsThird effective dateLiteral complianceImpartial conductFourth effective dateProviding specific reasons