DOL Issues FAQs on the Fiduciary Investment Advice Rule Focused on BICE Compliance | Practical Law
On October 27, 2016, the Department of Labor (DOL) issued FAQs in connection with the DOL's April, 2016 final fiduciary investment advice rule and the related new and amended prohibited transaction exemptions issued in connection with the final rule (PTEs). The FAQs provide guidance on the application of the terms of the PTEs, particularly on the application of the best interest contract exemption (BICE) to advisers and financial institutions.