July 20, 2015 

By Email

Office of Regulations and Interpretations Office of Exemption Determinations 

Employee Benefits Security Administration Employee Benefits Security Administration 

Attn: Conflict of Interest Rule Attn: D-11712 

Room N-5655 U.S. Department of Labor 

U.S. Department of Labor 200 Constitution Avenue, N.W. 

200 Constitution Avenue, N.W. Suite 400 

Washington, D.C. 20210 Washington, D.C. 20210 

e-ORI@dol.gov e-OED@dol.gov 

RE: Comment Letter on (1) the Definition of the Term ‘‘Fiduciary’’; Conflict of Interest 

Rule—Retirement Investment Advice; Proposed Rule (RIN 1210–AB32); and (2) the 

Proposed Best Interest Contract Exemption (ZRIN 1210–ZA25) 

Ladies and Gentlemen: 

The Asset Management Group (the “AMG”)1 of the Securities Industry and Financial 

Markets Association (“SIFMA”) appreciates the opportunity to provide the U.S. Department of 

Labor’s (“Department”) Employee Benefits Security Administration with comments on (1) the 

Proposed Definition of the Term ‘‘Fiduciary’’; Conflict of Interest Rule—Retirement Investment 

Advice (the “Proposed Rule”)2

 and (2) the Proposed Best Interest Contract Exemption (the 

“Proposed BIC Exemption”).3

 

 

1

 The AMG’s members represent U.S. asset management firms whose combined assets under 

management exceed $30 trillion. The clients of AMG member firms include, among others, registered 

investment companies, endowments, state and local government pension funds, private sector 

Employee Retirement Income Security Act of 1974 pension funds and private funds such as hedge 

funds and private equity funds. 

2

 Definition of the Term “Fiduciary”; Conflict of Interest Rule—Retirement Investment Advice; 

Proposed Rule, 80 Fed. Reg. 21927 (April 20, 2015) (proposal to amend 29 CFR Parts 2509 and 2510). 

3

 Proposed Best Interest Contract Exemption, 80 Fed. Reg. 21960 (April 20, 2015) (proposal to amend 29

CFR Part 2550). The term “proposal” is used with respect to the entirety of the Department’s Proposed

Rule and related proposed exemptions with respect to its Conflict of Interest release of April 14, 2015 

and subsequent publication in the Federal Register on April 20, 2015. 
U.S. Department of Labor 

July 20, 2015 

 

2 

The AMG’s members are already fiduciaries under the Employee Retirement Income 

Security Act of 1974, as amended (“ERISA”) when they act as discretionary investment 

managers or provide investment advice for clients that are employee benefit plans subject to 

ERISA, individual retirement accounts (“IRAs”) and other plans subject to the Internal Revenue 

Code of 1986, as amended (the “Code”), and their participants and beneficiaries, as well as 

entities that may be deemed to constitute “plan assets” by reason of 29 CFR 2510.3-101 as 

amended by Section 3(42) of ERISA or otherwise (all such “employee benefit plans,” “plans” 

and other entities deemed to constitute “plan assets” being referred to collectively as “Plans”). 

The Proposed Rule broadly expands the scope of investment advice. We respectfully 

submit that this expansion is not authorized by ERISA as the Proposed Rule extends investment 

advice beyond the plain meaning of applicable terms set forth in Title I, Part 4, and in particular 

Sections 3(21) and 404. 

We are concerned that this expansion of the “investment advice” definition will hamper 

asset managers’ ability to act in the best interest of Plan clients. By operation of the Proposed 

Rule, asset managers will be less able to provide information and education to Plans than they 

are able to currently. They may also be restricted in making available services and/or products to 

Plans and/or market participants for use with their Plan clients that are intended to facilitate wise 

investing at a reasonable cost and improve retirement investment outcomes. If products and 

services are provided, they may become more expensive. Separately, because the proposal 

broadly imposes fiduciary obligations on market participants with whom asset managers transact 

on behalf of Plans, those market participants will be less willing to engage in activities and 

services that assist us in carrying out our fiduciary duties, and will restrict information where 

providing it may transform their role into a fiduciary one. Moreover, asset managers and 

investors, already deemed sophisticated, will be burdened by standards designed for retail 

retirement savers. 

The AMG’s members, separate and apart from their role as fiduciaries to Plans, create 

and manage registered mutual funds, exchange traded funds, real estate investment trusts and 

hedge funds and other private funds and products that are purchased as investments for Plans. 

Because the respective investment objectives of Plans will vary, different products and strategies 

will be best suited to help them achieve their objectives. As drafted, the Proposed Rule and 

Proposed BIC Exemption result in substituting the variety of products currently available with a 

de jure or de facto “legal list,” and make the burdens of offering many funds and products 

effectively prohibitive. The AMG is concerned that both the Proposed Rule and the Proposed 

BIC Exemption will have the effect of limiting or restricting asset managers’ products that are 

available to Plans and promoting certain types of products (e.g., low-cost index products) over 

others. 

The AMG shares the Department’s concern that Americans are not saving enough for 

retirement as well as its goal of ensuring that Plans receive the advice and assistance they need 

for optimal retirement benefits. The AMG also supports a “best interest” standard for financial 

professionals that would apply across all investment recommendations made to investors. 

However, the AMG believes that the Department’s objectives and a best interest standard should 

be achieved by the appropriate regulatory authorities through means that allow fiduciaries to 
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July 20, 2015 

 

3 

operate effectively and preserve investor choice. While we respectfully believe that the means 

chosen by the Department are not within its power under ERISA, we have set forth below our 

recommendations on how the Proposed Rule and the Proposed BIC Exemption should be revised 

to allow asset managers to act in the best interest of their clients and maximize returns for 

retirement savers. 

I. The Proposed Definition of the Term ‘‘Fiduciary’’; Conflict of Interest 

Rule—Retirement Investment Advice (RIN 1210–AB32)

As explained in detail below, the broad expansion of the definition of “investment 

advice” combined with a narrow, burdensome carve-out for larger plans and sophisticated 

fiduciaries4

 will unduly limit services and products available and increase expenses for Plans 

managed by asset managers. 

The AMG respectfully does not believe that this changed scope is supported by or 

consistent with ERISA. 

In addition, the AMG believes that the expanded scope will negatively impact asset 

managers’ ability to carry out their fiduciary duties to Plans and provide products used by Plans. 

Although the proposal is ostensibly aimed at largely (if not exclusively) protecting retail 

investors, including middle-class and working families, the Proposed Rule, as drafted, imposes 

burdens and expenses upon “[l]arge . . . plans [that] are managed by financial experts who are 

themselves fiduciaries”5

 as well as other investors advised by sophisticated fiduciaries who 

already have a duty to look out for the investors’ best interest, and qualified investors who are 

deemed sophisticated and, as such, qualified to make investing decisions themselves. Likewise, 

although the Department’s clear aim is to help retirement savers, aspects of the Proposed Rule 

will have a contrary result by restricting products, information and services that asset managers 

can provide. 

In light of these mismatches between purpose and effect, the AMG recommends: 

• adopting an objective standard for what constitutes “investment advice,” 

including a requirement of reasonable reliance and, at least with respect to 

sophisticated Plans and Plans advised by sophisticated asset managers, retaining 

the “mutual agreement,” prong of the current rule; 

• expanding the Counterparty Carve-Out (i) to harmonize the notion of 

“sophistication” to comport with long-established Department guidance and other 

 

4

 See 80 Fed. Reg. at 21957 (proposed § 2510.3-21(b)(1)(i)), (hereinafter, the “Counterparty CarveOut”). 

5

 See Fact Sheet: Department of Labor Proposes Rule to Address Conflicts of Interest in Retirement 

Advice, Saving Middle-Class Families Billions of Dollars Every Year, available at: 

http://www.dol.gov/ebsa/newsroom/fsconflictsofinterest.html. 
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July 20, 2015 

 

4 

regulatory standards and (ii) to apply to services and ongoing and incidental 

communications; 

• reducing the burden of complying with the Counterparty Carve-Out; 

• clarifying that marketing and selling products and services is not investment 

advice; 

• expanding the application of Interpretative Bulletin (“I.B.”) 96-1 to Plan sponsors 

and IRAs, as the proposal contemplates, but preserving its original contours so as 

not to chill needed information to help Plans make effective decisions; and 

• conforming the swaps exception to the Department’s Advisory Opinion 2013-01A 

and making the exception available for all Plans and IRAs. 

A. Definition of Investment Advice Should be Narrowed 

As is discussed at length in the comments submitted by SIFMA’s broker-dealer members 

regarding the Proposed Rule (“SIFMA Letter,” attached hereto as Appendix II) the proposed 

definition of “investment advice” is a marked departure from current law, in which the 

Department has proposed a rule that re-imagines Title I, Part 4, in particular Sections 3(21) and 

404, of ERISA and goes well beyond what was contemplated by the statute.6

 The Proposed Rule 

significantly broadens the definition of investment advice in unclear and unpredictable ways that 

will hamper asset managers’ ability to serve their Plan clients and will limit investment products 

 

6

 See Remarks of Georgetown University Law Professor Roy Schotland on the careful balancing that the 

Department now attempts to reverse: 

While flat prohibitions [of all conflicts of interest] would be more ‘pure,’ 

such a course would not only disrupt arrangements that seems 

unwarranted absent a far plainer direction to do so; in addition, such a 

course would result in serious long-range harm to plan beneficiaries. . . . 

Congress [just] concluded an intensive look at the securities markets and 

industry and dealt quite explicitly . . . with the relationship between the 

broker-dealer function and the investment management function. Absent 

very clear direction, it would be questionable to treat the same problem, 

in the same industry more sweepingly than Congress deemed appropriate 

. . . . [I]n the name of protection against abuse, flat prohibitions would 

inflict greater injury than is likely to occur from abuse of conflicts of 

interest . . . . [I]t does seem necessary, in considering broker-dealers’ 

conflicts, to keep in mind the anomaly which would occur if flat, 

sweeping prohibitions were imposed in this area, while the conflicts 

problems in . . . non-pension accounts were not subjected to appropriate 

safeguards. All these areas present conflicts, and by the nature of the 

problems and the reasons causing them to arise in the first place, intricate 

balancing to preserve potential benefits, and protect against potential 

dangers, is a difficult course but simply the only reasonable one. 
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July 20, 2015 

 

5 

and services available to Plans. While the AMG respectfully does not believe that the 

Department has the authority under ERISA to remove current core requirements from the 

definition of investment advice, such as mutuality of understanding that the advice will serve as a 

primary basis for investment decisions, the AMG provides below the practical difficulties and 

impossibilities of implementing such a rule and offers recommendations on how the definition 

could be made more workable. 

1. De Facto Limitations on Providing Information 

 The Proposed Rule eliminates the current requirements that, in order for investment 

advice to give rise to fiduciary status, it must be a primary basis for an investment decision, 

provided pursuant to a mutual agreement, and provided on a regular basis. Instead, the 

architecture of the Department’s proposal starts from the basic, but maximalist, premise that 

almost every communication and interaction with a Plan, plan fiduciary (such as an asset 

manager), plan participant or beneficiary, IRA, or IRA owner is a “Recommendation,” broadly 

defined to mean any “communication that, based on its content, context, and presentation would 

reasonably be viewed as a suggestion that the advice recipient engage in or refrain from taking a 

particular course of action.”7

 Any “recommendation” to a Plan, plan fiduciary (such as an asset 

manager), plan participant or beneficiary, IRA, or IRA owner that is individualized or 

specifically directed could result in the person becoming a fiduciary to a Plan. 

As a threshold matter, the absence of mutual assent is contrary to basic principles by 

which persons become bound by legal obligations.8

 By eliminating any notion that the parties 

should have a meeting of the minds regarding an asset manager’s role, the Department opens the 

door to nearly indefensible claims by any person who in hindsight is upset with an investment 

 

7

 80 Fed. Reg. at 21960. 

8

 None other than the Honorable Learned Hand wisely commented: 

A contract has, strictly speaking, nothing to do with the personal, or 

individual, intent of the parties. A contract is an obligation attached by 

the mere force of law to certain acts of the parties, usually words, which 

ordinarily accompany and represent a known intent. If, however, it 

were proved by twenty bishops that either party, when he used the words, 

intended something else than the usual meaning which the law imposes 

upon them, he would still be held, unless there were some mutual 

mistake, or something else of the sort. Of course, if it appear by other 

words, or acts, of the parties, that they attribute a peculiar meaning to 

such words as they use in the contract, that meaning will prevail, but 

only by virtue of the other words, and not because of their unexpressed 

intent. 

Hotchkiss v Natl. City Bank of New York, 200 F 287, 293 (SDNY 1911) (J. Hand) affd sub nom. 

Ernst v Mechanics’ & Metals Nat. Bank of City of New York, 201 F. 664 (2d Cir. 1912) affd sub 

nom. Natl. City Bank of New York v Hotchkiss, 231 U.S. 50 (1913) and affd sub nom. 

Mechanics’ & Metals Nat. Bank v Ernst, 231 U.S. 60 (1913) (emphasis added). 
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July 20, 2015 

 

6 

decision, whether or not the person relied at all on the information provided by the asset 

manager. This standard would allow a person who has not received fiduciary advice to later 

claim that he “understood” that it was investment advice, or that the asset manager “understood” 

that the information was targeted to the person, leaving the asset manager with an impossible 

task of proving that the claimant could not have so understood the statement. 

Further, the broadening of the definition of investment advice, the absence of an 

objective test for determining whether information is individualized advice or specifically 

directed to a Plan and the elimination of the mutuality requirement will negatively impact the 

services asset managers can provide to Plans and the retirement outcomes of those Plans in a 

manner inconsistent with ERISA generally and Section 404 specifically. The removal of these 

elements will make it more difficult for asset managers to act as fiduciaries for Plan clients and 

will limit asset managers’ ability to provide even basic information commonly provided to 

clients, Plans and non-Plans alike. 

 Additionally, the inclusion of the words “specifically directed to,” in the absence of a 

mutuality requirement, adds ambiguity that is equally unsupportable. While conceivably advice 

(and not merely selling) may be fiduciary in nature if it is specifically directed to and

individualized to a participant or Plan, “specifically directed to” standing alone captures nonindividualized information, including television and newspaper advertisements. Clearly, there 

are situations where no reasonable Plan, asset manager or other market participant would expect 

that the advertiser is acting as a fiduciary, and it is fair to make sure that those are not 

inadvertently captured by the Proposed Rule. Would answering a phone or responding to a 

client’s email be “specifically directed to” and/or “individualized” to the Plan? Would 

responding to a request for proposal (“RFP”) that asks common questions such as the asset 

manager’s style, experience, personnel, staffing, compliance and controls and other pertinent 

information that the Plan decides is “individualized” to its needs be deemed to be fiduciary 

advice because it is specifically directed to a Plan? 

As asset managers, we deal with clients, both large and small, along with consultants who 

represent them, who routinely contact us about specific types of strategies and products. We 

describe the types of strategies and products available, and yet a literal reading of the Proposed 

Rule would strongly suggest that if we answered “yes, we have that strategy, one in a mutual 

fund, one in a collective fund, and one, (depending on asset size) in a managed account, each 

with slightly different returns, risk profiles and costs,” we would be viewed as providing 

investment advice. This overly broad reach created by the “directed to” prong will make it more 

difficult for asset managers to provide basic information that can help plans make informed 

decisions on who to hire or how to invest Plan assets and should be deleted. 

The AMG is also concerned that the Proposed Rule would effectively cause most market 

participants to have to assume that they were always dealing with a Plan – even where they had 

no evidence of whether or not a Plan was actually involved – and limit information accordingly. 

Asset managers regularly interact with clients in respect of both Plan and non-Plan accounts and 

are unable to control whether the information is used for Plan or non-Plan accounts. An 

individual receiving advice or other market information outside of a Plan context can be regarded 

as having received “advice” “individualized” to a Plan fiduciary simply because the individual 
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July 20, 2015 

 

7 

happens to also be an IRA owner or Plan fiduciary. For example, if an asset manager is speaking 

to a corporate CFO with multiple accounts (corporate accounts, Plan accounts and perhaps even 

his own personal account), how can the asset manager be sure that any investment information 

provided in the conversation will not be used for the Plan account?9

 Can the asset manager’s 

employee provide helpful market-related information in a way that he can be sure it doesn’t 

bleed into an understanding by the Plan that the Plan believes is individualized to the Plan/IRA? 

These are not just theoretical concerns. As asset managers and as fiduciaries, we take 

compliance with ERISA very seriously. While we appreciate the fact that the Department may 

take a more practical view of the words it proposes, we all have to be cognizant of the fact that 

words on the page matter, and that the Proposed Rule will no doubt be used by third parties in 

addition to the Department in examining fiduciary status. With the line drawn as it is under the 

Proposed Rule, and the severe consequences of engaging in a non-exempt prohibited transaction 

for asset managers and other market participants, including the accompanying restoration of 

losses, punitive excise taxes, and other civil and equitable relief available, this will compel many 

undesired changes in behavior which we believe will inure to the detriment of Plans. 

The AMG believes that the net effects of the Proposed Rule will be to limit the access of 

ordinary course information which most do not regard as “advice” to Plans and non-Plans alike. 

We doubt the Department intended to impose a market-wide “advice” free zone. 

2. De Facto Limitations on Investment Products and Services 

The broadly-worded definition of investment advice in the Proposed Rule may be 

interpreted as transforming asset managers who wholesale funds into fiduciaries for investors 

with whom they do not transact directly. Asset managers, separate and apart from managing 

Plan assets, sponsor mutual funds and other investment products. Some of these asset managers 

market their funds through third-party distributors (a/k/a wholesaling) and make information 

regarding the funds available via those distributors, the internet, social media, traditional 

advertising and educational sessions. They may hold or participate in conferences, have a booth 

at third party sponsored events or otherwise provide written pamphlets and items concerning 

their products and services as well as other non-individualized materials. They may also provide 

models, tools, and/or other analytics to other financial services firms, some of which may serve 

as fiduciaries to Plans. For example, asset managers may provide model portfolios and other 

investment tools to broker-dealers and other financial intermediaries to help them provide advice 

to the end Plan client. But, the models are non-customized portfolios that are not designed for 

any individual client and the model provider’s only client is the broker-dealer or financial 

services company. The model providers typically have no relationship with or information about 

the financial services firm’s clients. 

 

9

 The proposal does not indicate whether the Department considered what the impacts would be under 

these and similar scenarios, which our members believe are daily occurrences. There was no empirical 

information provided that would estimate how many institutional non-Plan relationships alone would be 

affected, merely because the person to whom an asset manager is speaking happens to be a Plan 

participant in a 401(k) plan or happens to have an IRA. 
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July 20, 2015 

 

8 

These products and services are widely regarded as desired both by clients and the 

intermediaries that assist them. For example, model portfolios provide many intermediaries the 

framework to deliver a client-centered approach and enable efficiency by leveraging the 

particular sector or other asset class or style expertise of a given asset manager. Similarly, 

clients and intermediaries regard such portfolios as a cost-effective way of providing illustrative 

portfolios by an established asset manager (or managers), often utilizing the intermediary’s share 

trading services to achieve economies of scale. 

Asset managers and others also provide analytics and other tools to intermediaries 

because it helps them make appropriate choices in assisting their clients—including Plans. 

Under all of these situations, the intermediary receiving the product or service from the 

wholesaler or other product manufacturer (which may include asset managers), will typically 

decide how and where to use any such information or product. The recipient intermediary will 

“direct” such information to its clients (including Plans) and will decide which clients (including 

Plans) would benefit from such desired information or products based on the needs of such 

individual clients. 

Since the intermediary may effectively individualize and direct to its clients the benefits 

of any such provided products, models or other services, we are concerned that such 

intermediaries may be improperly considered to be discretionary or investment advice fiduciaries 

under the Proposed Rule with respect to the Plan clients. As the institution that sells the product 

does not provide individualized advice to any of the intermediary’s clients, and often has no idea 

whether Plans would be involved at all in the intermediary’s end users, it would be a truly bad 

result for Plans (and other clients) were such desired products and services to be curtailed 

because the provider could be an investment advice fiduciary. AMG strongly urges the 

Department to clarify the Proposed Rule so as not to reduce choice by limiting such products and 

services. 

3. Harm to Plan Investors Who Purchase or Hold Asset 

Management Products Directly 

The AMG is concerned that the Proposed Rule will force asset managers to cease 

communications with retirement savers who have direct at-fund or “orphaned” retirement 

accounts (i.e., accounts previously serviced by a broker-dealer who have ceased having an 

account relationship). Asset managers, in their role as fund sponsor, have historically provided 

support for these direct-at-fund accounts (including IRA accounts) despite the high costs of 

doing so. This role historically has not been a fiduciary one, nor is the role akin to ERISA 

fiduciary status supportable by the statutory language. Many fund sponsors, in addition to 

making information available through third-party distributors and other public channels of 

information, have a call center run by an affiliated transfer agent, provide online account access 

and send traditional mail to service direct-at fund retirement savers’ accounts.10 For example, an 

IRA owner with a $3,000 direct-at-fund account may contact the call center and ask if the mutual 

fund offers a target date fund and ask for additional information about that fund. As described 

 

10 For these traditional direct-at-fund accounts, only funds in the family of funds sponsored by the asset 

manager or its affiliates are available.
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July 20, 2015 

 

9 

above, simply answering the question and providing the requested information raises substantial 

concerns that the response results in investment advice. Similar concerns would be created for 

those direct-at-fund account owners who use the sponsor’s website to obtain information and 

make investment decisions via the website, especially if the website provides information for 

IRA owners to consider when deciding on a fund to purchase. 

The costs and uncertainty of continuing to service direct-at-fund retirement accounts 

under the Proposed Rule will incentivize fund sponsors to eliminate those accounts and/or 

eliminate services currently provided. For small accounts like the $3,000 IRA, many fund 

sponsors can simply avoid the risk by moving those accounts to “redeem only” status and 

eliminate services. This result would be unfortunate but one that the proposal would encourage. 

This concern may become all the more pronounced depending on the shape and workability of 

any “grandfather” provision adopted with respect to the Proposal. 

4. Valuations 

The proposal deems the provision of transaction-based valuations – even if not in writing 

– sufficient to confer fiduciary status. Specifically, it provides that an “appraisal, fairness 

opinion, or similar statement whether verbal or written concerning the value of securities or other 

property if provided in connection with a specific transaction or transactions involving the 

acquisition, disposition, or exchange, of such securities or other property by a [Plan]” will 

deemed to be investment advice. The accompanying carve-out indicates that such valuations are 

not deemed to constitute investment advice if they are provided to “an investment fund, such as a 

collective investment fund or pooled separate account, in which more than one unaffiliated plan 

has an investment, or which holds plan assets of more than one unaffiliated plan under 29 CFR 

2510.3-101” or “solely for purposes of compliance with the reporting and disclosure provisions 

under the Act, the Code, and the regulations, forms and schedules issued thereunder, or any 

applicable reporting or disclosure requirement under a Federal or state law, rule or regulation or 

self-regulatory organization rule or regulation.”11 Accordingly, valuations provided to pooled 

“plan asset” vehicles that are not strictly for those express legal purposes, such as monthly 

statements, would not receive the benefit of the carve-out. For Plan accounts not in a pooled 

fund (e.g., a fund-of-one or separate account), there is effectively no carve-out, unless, of course, 

it relates to employer securities in respect of an ESOP. 

In addition, these “new” liabilities will only work to Plans’ disadvantage. The 

Department has not identified evidence that valuations outside of the context of ESOPs have 

been unfair, abusive, or otherwise unlawful. If all ordinary course appraisals, fairness opinions 

or statements of value are not excluded from the definition of advice, Plans may suffer the costs 

associated with market participants suddenly becoming at risk of fiduciary status. If the proposal 

regarding valuation were part of the final rule, there is a strong risk of uneven treatment of 

valuation in the marketplace and, as the SIFMA Letter indicates counterparties and other service 

providers to Plans will likely pay more for the same services that non-Plans do. The Department 

has stated that investment advice should hinge on whether a call to action or an explicit 

 

11 80 Fed. Reg. at 21958. 
U.S. Department of Labor 

July 20, 2015 

 

10 

endorsement has been made.12 Valuation opinions or information, are not recommendations and 

therefore do not fall within this definition. 

Respectfully, the Department does not have the statutory authority to deem pooled funds, 

prime brokers, securities lending agents, custodians or fund administrators ERISA fiduciaries in 

the course of valuing securities, loans, portfolio companies, or collateral, as they are not 

performing any of the functions described in Section 3(21) of ERISA. 

If the Department nonetheless insists on a valuation prong to the fiduciary definition it 

should at least have a mutuality requirement and should be adjusted so it picks up only appraisals 

relating to specific recommendations for a specifically mutually agreed upon transaction in 

connection with a proximate acquisition or disposition of securities or other property. The 

exception should make clear that it covers all ordinary course valuations, including those 

provided to a separately managed account. 

It should also make several improvements to its pooled fund carve-out. First, the carveout covers valuations given to pooled funds but not valuations given by pooled funds to investors 

on a periodic basis. We request that it apply to both. 

Further, as the pooled fund carve-out only applies to those that are “plan assets,” it is not 

entirely clear that valuation for pooled vehicles, such as mutual funds or private funds that are 

not subject to ERISA, but in which Plans may invest are afforded the same carve-out. Non-plan 

asset funds value the fund daily, monthly or quarterly and the valuations are typically shown on 

custody statements for the account in which the fund investments are held. If a non-plan asset 

fund manager could become an ERISA fiduciary simply by providing values to Plan investors, 

our members’ willingness to accept Plan investors would be severely impacted. We do not 

believe the Department intended to impose fiduciary advice status on such valuation and request 

clarification in any final rule.13 Finally, many pooled funds may not be “pooled” at least 

initially—for example, when a bank collective investment fund accepts its first investor and 

another is anticipated to invest in the fund very shortly thereafter. Accordingly, we request that 

the Department remove the requirement that the fund cover at least two plans. 

 

12 See 80 Fed. Reg. 21938 (Department referencing standard). 

13 The language of the proposal carves-out from the definition of fiduciary “the provision of an appraisal, 

fairness opinion or a statement of value to an ESOP regarding employer securities, to a collective 

investment vehicle holding plan assets, or to a plan for meeting reporting and disclosure 

requirements[.]” This seems to limit the carve-out to plan asset vehicles. Later in the preamble, the 

explanation reads: “In response to comments, the proposal also contains an entirely new carve-out at 

paragraph (b)(5)(ii) specifically addressing valuations or appraisals provided to an investment fund 

(e.g., collective investment fund or pooled separate account) holding assets of various investors in 

addition to at least one plan or IRA.” If the Department means to include all pooled funds, regardless 

of whether they are subject to the fiduciary requirements of ERISA, we would appreciate that 

clarification. 
U.S. Department of Labor 

July 20, 2015 

 

11 

5. Alignment of Fiduciary Acknowledgment with ERISA’s 

Definition of Fiduciary 

If a market participant acknowledges that it is acting as a fiduciary with respect to 

investment advice, that market participant will be deemed a fiduciary under the Proposed Rule. 

The Department’s carve-outs from the definition of “investment advice” are inapplicable to asset 

managers who affirmatively represent or acknowledge that they are acting as fiduciaries. 

Although the AMG understands the aim of making carve-outs inapplicable to a market 

participant that acknowledges fiduciary status, the AMG recommends that the Department 

clarify the language used to reflect a basic tenet of ERISA: that you are only a fiduciary with 

respect to particular assets of a particular account and not a fiduciary in general.14 As written, an 

asset manager that admits that it is an investment advice fiduciary for a portion of a Plan’s assets 

is at risk that the Counterparty Carve-Out will not be available with respect to non-fiduciary 

services that it provides or is offering to provide with respect to Plan assets for which it is not 

acting as a fiduciary. Similarly, broker-dealers that wish to provide ordinary market color or 

other helpful information to a Plan (or to us, as their sophisticated fiduciary representatives), or 

that wish to offer a product or service to a Plan may be deemed “tainted” ab initio as a fiduciary 

even before there has been any interaction, or the sending of any information by mail, if another 

division is advising the Plan on investments for a different portion of the Plan’s assets. 

The AMG recommends that the Department clarify its intent in this section to make it 

consistent with the clear definition of fiduciary in the statute—namely, that a person is a 

fiduciary “to the extent” that the statutory tests are met.15 Further, the AMG notes that an 

acknowledgment of fiduciary status “directly or indirectly (e.g. through or together with an 

affiliate)” is too broad. A representation that a person is a fiduciary should be made by that 

person, and not be left for interpretation. 

6. Objective and Workable Standard for Fiduciary Advice 

As stated above, AMG does not believe there is a statutory basis for the Department’s 

broadened definition of “investment advice” under ERISA. If the Department nonetheless 

adopts a rule of this nature, we recommend that it provide clear, unambiguous and objective 

standards for determining when fiduciary advice is being given that do not limit the established 

 

14 See Section 3(21) of ERISA (“(A) Except as otherwise provided in subparagraph (B), a person is a 

fiduciary with respect to a plan to the extent (i) he exercises any discretionary authority or 

discretionary control respecting management of such plan or exercises any authority or control 

respecting management or disposition of its assets, (ii) he renders investment advice for a fee or other 

compensation, direct or indirect, with respect to any moneys or other property of such plan, or has any 

authority or responsibility to do so, or (iii) he has any discretionary authority or discretionary 

responsibility in the administration of such plan. Such term includes any person designated under 

section 1105 (c)(1)(B) of this title.” (emphasis added)). 

15 Id. 
U.S. Department of Labor 

July 20, 2015 

 

12 

practices of Plans or the financial institutions that deal with them. Specifically, we urge the 

Department to: 

• Include an element that requires “reasonable reliance” by the Plan on any 

“advice,” or alternatively, that the advice was “material” to the investment 

decision. The Department may wish to consider a standard that requires that the 

“recommendation” “be sufficiently individualized so as to form a reasonable basis 

for the Plan’s reliance.” We also recommend that for fiduciary status to attach, 

advice must be both individualized and specifically directed to a Plan. 

• Reinstate the mutual agreement prong[s] of the current definition at least for 

sophisticated Plans, as we define them here, or alternatively, propose an objective, 

rather than a subjective standard for a “meeting of the minds.” We also suggest 

that, at least with respect to sophisticated Plans, the Department consider 

reinstating the “ a primary basis” prong or a requirement that the advice 

“significantly influence” a Plan. Paragraph 2(a)(ii) of the proposal could be 

revised to read: “Renders the advice pursuant to a written or verbal agreement, 

mutual arrangement, or mutual understanding that the advice is individualized to

the advice recipient to significantly influence investment or management 

decisions with respect to securities or other property of the plan or IRA.” 

• Narrow the existing definition of “recommendation.” At a minimum, the 

definition should relate to a qualitative “call to action” (i.e., “this product is better 

than that one,” “I think this product is the one you should go with,” “this is the 

right choice for you”) but should not include factual information, regardless of the 

source or form of presentation. Any communication that would not be a 

customer-specific recommendation within the meaning of applicable Financial 

Industry Regulatory Authority (“FINRA”) rules should not be deemed to be a 

recommendation. 

• Clarify that providing advice, model portfolios, tools and other analytics to 

financial services firms will not be considered investment advice when such 

information is not individualized to the needs of any specific Plan client of the 

financial service firm. 

• Remove valuation from the definition of investment advice. 

• Clarify that a person is a fiduciary only “to the extent” the statutory tests are 

satisfied. 

7. Exception for Sophisticated Plans 

The AMG recommends that “large . . . plans [that] are managed by financial experts who 

are themselves fiduciaries” be entitled to certain presumptions of sophistication to preserve 

flexibility and availability of desired information.

16 Given the Proposed Rule’s baseline 

 

16 See DOL Fact Sheet, supra at note 5. 
U.S. Department of Labor 

July 20, 2015 

 

13 

presumption that nearly all communications and interactions with a Plan–including those of asset 

managers—are recommendations, the Department should, at a minimum, require “mutual 

agreement” for sophisticated Plans or Plans represented by sophisticated fiduciaries. It should 

also consider reinstating the primary basis prong or include a new “significant influence” prong. 

This change both gives effect to the Department’s stated belief that large Plans do not need 

additional protections and helps resolves some of the unintended consequences stemming from 

the breadth of the Proposed Rule. 

 For suggested changes to the Proposed Rule’s language, see Appendix I. 

B. Counterparty Carve-Out Should Be Harmonized with Existing 

Regulatory Standards for Sophistication 

 The Proposed Rule provides a carve-out from “investment advice” for “incidental advice 

provided in connection with an arm’s length sale, purchase, loan, or bilateral contract . . . 

[including] an offer to enter into such a transaction”17 with Plans meeting eligibility requirements 

(discussed below), referred to as the Counterparty Carve-Out. 

The “Counterparty Carve-Out” is only available to (1) “benefit plans” with 100 or more 

participants which are managed by a fiduciary with management and control over the assets of 

the Plan which is independent of the counterparty or (2) a Plan that is represented by a fiduciary 

with management and control over the assets of the Plan and that is independent of the 

counterparty which has at least $100 Million in “benefit plan” assets under management. 

The AMG believes that giving investment advice incidental to an arm’s length sale is 

never fiduciary conduct. At minimum, however, rather than use a new test for sophistication 

(i.e., the 100 participant or $100 million “assets under management” tests), the Department 

should adopt other more widely-utilized proxies for sophistication, including those used by the 

Department and asset managers, as discussed below. The standard the Department has chosen 

for the 100 participant test comes from reporting requirements, and does not bear on a Plan’s 

sophistication. In addition, the $100 million “benefit plan” assets ignores commonly used 

proxies for sophistication (including those widely used by asset managers and other market 

participants since 1984) and runs the risk of bifurcating rules and creating additional 

complexities which can only lead to limitations for Plans. 

1. Plans Represented by Fiduciaries Already Deemed 

Sophisticated 

The Counterparty Carve-Out does not capture the full spectrum of asset managers that 

meet well-established standards of sophistication that more than qualify them to address the 

 

17 80 Fed. Reg. at 21941. 
U.S. Department of Labor 

July 20, 2015 

 

14 

Department’s primary stated concern: the ability to differentiate between advice offered from a 

fiduciary and information offered from a market participant.18 

First, the Counterparty Carve-Out does not capture the full scope of asset managers 

already deemed sophisticated under two of the Department’s most widely-used prohibited 

transaction class exemptions: PTCE 84-14 for Qualified Professional Asset Managers 

(“QPAMs”) and PTCE 96-23 for In-House Asset Managers (“INHAMs”). For example, a 

newly-registered investment adviser that has $90 Million of assets under management would not 

fall within the carve-out when it is otherwise sufficient for QPAM or INHAM status. Similarly, 

an asset manager that has billions or even trillions of dollars in assets under management would 

be precluded from relying on the carve-out if it had, for example, only $50 Million of ERISA

assets under management. The Department has already indicated that QPAMs are “established 

institutions which are large enough to discourage the exercise of undue influence upon their 

decision-making processes” and which are “expected to maintain a high standard of integrity.”19

 

If a QPAM is presumed to be sophisticated enough to act under PTCE 84-14, a finding of $100 

million “benefit plan” assets under management is superfluous and will only limit Plan 

investment choices and act as a constraint in the exchange of useful information. We also know 

of no exemption other than the proposed Counterparty Carve-Out where the Department has 

limited qualifying assets to those within employee benefit plans. 

Second, the Counterparty Carve-Out should be extended to cover interactions with 

investment advice fiduciaries (who may not have discretionary authority over Plan assets) in 

order to avoid unnecessary restrictions when Plans use investment consultants to help with Plan 

 

18 See id.: 

The overall purpose of this carve-out is to avoid imposing ERISA 

fiduciary obligations on sales pitches that are part of arm’s length 

transactions where neither side assumes that the counterparty to the plan 

is acting as an impartial trusted adviser, but the seller is making 

representations about the value and benefits of proposed deals. Under 

appropriate circumstances, reflected in the conditions to this carve-out, 

these counterparties to the plan do not suggest that they are an impartial 

fiduciary and plans do not expect a relationship of undivided loyalty or 

trust. Both sides of such transactions understand that they are acting at 

arm’s length, and neither party expects that recommendations will 

necessarily be based on the buyer’s best interests. In such a sales 

transaction, the buyer understands that it is buying an investment 

product, not advice about whether it is a good product, from a seller who 

has opposing financial interests. 

19 See, e.g., Proposed Prohibited Transaction Class Exemption 84-14, 47 Fed. Reg. 56945, 56947 (Dec 21. 

1982). A similar case should be made for INHAMs under PTCE 96-23, since “The Department 

believes that [the standards adopted under PTCE 96-23 for INHAM status] will help to ensure that the 

INHAM is an entity that has developed an appropriate level of expertise in financial and business 

matters.” Proposed Prohibited Transaction Class Exemption 96-23, 60 Fed. Reg. 15597, 15600 (March 

24, 1995). 
U.S. Department of Labor 

July 20, 2015 

 

15 

design, including the selection of asset managers and their products and services. Most 

consultants will likely become investment advice fiduciaries under the revised definition, which 

may result in asset managers feeling constrained to provide information, education or incidental 

advice to these consultants absent expansion of the Counterparty Carve-Out. Plans hire these 

sophisticated advisers to help them make decisions and it would not be in their interests if 

sophisticated “investment advice” fiduciaries were restricted in their ability to obtain information 

from, or engage the services of, asset managers because of concern that the Counterparty CarveOut is not available. 

Third, it is difficult to understand why other highly-regulated entities such as a U.S. 

registered broker-dealer would be denied a presumption of sophistication where such entities 

provide advisory, consulting and other related services, which would likely be treated as 

fiduciary in nature under the Proposed Rule.20

 

The Department’s cost-benefit analysis provides no support for its more restrictive 

definition of sophistication that would not include this full spectrum of sophisticated fiduciaries 

that act on behalf of Plans. Instead, the Fiduciary Investment Advice Regulatory Impact 

Analysis focuses significantly on IRAs and notes in particular that with respect to the 

“confusion” as to whether a market participant is acting in a fiduciary capacity, 

The problem is particularly acute for smaller plan investors, 

because, as GAO reported, ‘Smaller plans may be exposed to 

conflicts of interest on the part of service providers, because they 

are less likely than large plans to receive investment assistance 

from a service provider that is acting as a fiduciary.’21

 

This does not provide a basis for covering Plans that are sophisticated or who rely on 

sophisticated advisers. Rather, the GAO study is directed primarily at “[s]maller plans, [who] on 

the other hand, often lack the resources to perform these tasks in-house or to hire an independent 

adviser who will act as an ERISA fiduciary.”22

 

20 Although U.S. registered broker-dealers are not eligible QPAMs (unless otherwise meeting the 

conditions of Part VI(a)(1)-(4) of PTCE 84-14), we believe the principle should be extended to such 

“established financial institutions” (47 Fed. Reg. 56945, 56946 (Dec. 21, 1982)) in light of the fact that 

“[t]he new proposal . . . extends the fiduciary duty to more advisers.” DOL Fiduciary Investment 

Advice Regulatory Impact Analysis (April 14, 2015) at 11. U.S. registered broker-dealers are subject to 

extensive regulation and oversight by the U.S. Securities and Exchange Commission and other selfregulatory organizations. 

21 DOL Fiduciary Investment Advice Regulatory Impact Analysis (April 14, 2015) at 140 (citing GAO 

Publication No. GAO-11-119, at 28) (emphasis added).

22 See GAO Publication No. GAO-11-119, at 28. For an analysis of the Department’s cost analysis for 

retail investors, see Appendix IV for Comment on the Department of Labor Proposal and Regulatory 

Impact Analysis. 
U.S. Department of Labor 

July 20, 2015 

 

16 

For these reasons, the AMG recommends that the Department expand the Counterparty 

Carve-Out so that it is available to a broader range of sophisticated fiduciaries. We believe that a 

Plan represented by a fiduciary (whether investment advice or discretionary manager) that is 

itself a sophisticated financial party should be a sufficient enough proxy. At a minimum, we 

recommend that, in addition to the current list of sophisticated fiduciaries eligible for the 

Counterparty Carve-Out, any Plan represented by a large, sophisticated entity that is a bank, as 

defined in section 202(a)(2) of the Investment Advisers Act of 1940, savings and loan 

association, the accounts of which are insured by the Federal Savings and Loan Insurance 

Corporation, a state qualified insurance company and a registered investment adviser each 

meeting certain other conditions, or an in-house asset manager within the meaning of Part IV of 

PTCE 96-23 – should be eligible for the carve-out. We further understand that there are other 

widely-available standards of sophistication in the marketplace, including those that are 

identified in the SIFMA Letter, which we would also support. Taking either approach would 

only reflect current understandings prevalent in the market generally and would be consistent 

with the continued well-ordered activities of the institutional markets. 

2. Qualified Clients 

As the Department’s study does not appear to provide any meaningful empirical support 

to show the prevalence of “confusion” to accounts not regarded as “retail” for other regulatory 

and commercial purposes, the AMG also recommends that, in addition to considering the 

standards in the SIFMA Letter, the Department extend the Counterparty Carve-Out to Plans of 

“Qualified Clients.” These are “sophisticated” persons defined per Rule 205-2 promulgated by 

the Security and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 to 

mean (i) a natural person or company with at least $1,000,000 under the management of the 

investment adviser or a net worth (as defined by the Rule) of more than $2,000,000, (ii) is a 

Qualified Purchaser (as defined under the Investment Company Act of 1940) or (iii) has certain 

defined roles with an investment adviser.23 This standard, when first proposed by the SEC 

“included a financial and business knowledge test of client eligibility,” such that, 

The adviser was required to reasonably believe that the client, 

alone, or acting with a representative, had the knowledge and 

experience in business and financial matters to evaluate the merits 

and risks of a performance fee arrangement. The purpose of the 

test was to ensure that the rule would be limited to advisory 

contracts with clients capable of fending for themselves. It 

contemplated that these clients would be able to negotiate 

contract terms with the adviser which adequately protected their 

interests.”24

 

When later refined in 1985, the SEC also noted that: “The Commission has concluded 

that it is consistent with the protection of investors and the purposes of the [Investment Advisers 

 

23 17 CFR 275.205-3. 

24 Investment Advisers Act Release No. 865, 48 Fed. Reg. 27771 (July 10, 1983) (emphasis added). 
U.S. Department of Labor 

July 20, 2015 

 

17 

Act] to permit clients who are financially experienced and able to bear the risks associated with 

performance fees to have the opportunity to negotiate compensation arrangements which they 

and their advisers consider appropriate”

25

Please see Appendix I for AMG’s suggested language.

C. Counterparty Carve-Out Should Apply to Services and Incidental 

Communications. 

Because the Counterparty Carve-Out only excludes from the general definition of 

investment advice, incidental advice provided in connection with an arm’s length sale, 

purchase, loan, or bilateral contract or related offers, it may be read to apply only to 

transactions entered into on a principal basis and not include services such as execution services, 

valuation services, prime brokerage services, custodial services—and perhaps most 

importantly—investment management fiduciary services. This omission is surprising but we 

hope it is merely an inadvertent omission.26 We also urge the Department to clarify that sales of 

products such as investment funds by the fund itself or through any sponsor or distributor or 

other intermediary would qualify for the carve-out, as well as selling activity in connection with 

acting as an agent to the plan. 

If services are not excepted, asset managers may no longer be offered certain services or 

will incur higher costs to obtain services while acting as Plan fiduciaries. For example, asset 

managers currently receive market and trading information (e.g., identifying where there is 

liquidity, describing the pros and cons of differing execution strategies, offering an outlook on 

overseas markets or providing a sector analysis) from futures commission merchants, prime 

brokers and other market participants with whom asset managers execute transactions on behalf 

of Plans. This information is provided as a service to asset managers without a fee or direct 

linkage to further business. Absent inclusion in a carve-out, market participants may be forced 

to assume that this service amounts to investment advice (thereby making them investment 

advice fiduciaries) and may, as a result, discontinue providing it to asset managers acting on 

behalf of Plans. 

Asset managers, as service providers, may become similarly constrained in their own 

communications with Plans and their fiduciaries. If an asset manager wanted to call one of its 

Plan clients to discuss large trends evolving in the debt or equity markets (for example, the 

recent performance of a broad-based index such as the S&P 500® or the Barclays Capital U.S. 

Aggregate Bond Index) of which the client may not be aware, it may now have to think twice in 

doing so out of a concern that the information could be considered investment advice under the 

Proposed Rule. These conversations happen all of the time and Plans view them as desirable and 

helpful support and information in complying with their fiduciary obligations. Idea generation is 

 

25 Investment Advisers Act Release No. 996, 50 Fed. Reg. 48556 (Nov. 26, 1985) (emphasis added). 

26 In the 2010 Proposal, the “Sellers” Exception, the predecessor to the Counterparty Carve-Out failed to 

cover services. The Department received many comments on this point but has not addressed those 

comments in the Proposed Rule. 
U.S. Department of Labor 

July 20, 2015 

 

18 

often a two way street, and many asset managers and Plans regard the dynamic exchange of 

ideas essential to capturing value. 

For these reasons, the AMG believes the carve-out should be rewritten to cover services, 

including services provided to and offered by asset managers. See proposed language in 

Appendix I. 

D. Compliance with Counterparty Carve-Out Should Be Made Less 

Burdensome 

Regardless of whether the Department accepts the changes recommended above, we urge 

the Department to eliminate the unnecessary burdens imposed on counterparties, asset managers 

and Plans for the exception to be available. 

As proposed, a counterparty wanting to use the Counterparty Carve-Out must perform 

diligence to confirm eligibility under the proposed tests for sophistication (i.e., 100 participants 

or $100 million assets under management of “benefit plan” money) by one of two methods. 

Under the “plan size” method, the counterparty must receive a written representation from the 

independent Plan fiduciary that the independent fiduciary exercises authority or control with 

respect to the management or disposition of the Plan’s assets (as described in section 3(21)(A)(i) 

of ERISA), that the employee benefit plan has 100 or more participants covered under the Plan, 

and that the independent fiduciary will not rely on the person to act in the best interests of the 

Plan to provide impartial investment advice, or to give advice in a fiduciary capacity. In 

addition, the person must fairly inform the independent Plan fiduciary of the existence and nature 

of the person’s financial interests in the transaction and cannot receive a fee or other 

compensation directly from the Plan, or Plan fiduciary, for the provision of investment advice (as 

opposed to other services) in connection with the transaction. Finally, the person must know or 

reasonably believe that the independent Plan fiduciary has sufficient expertise to evaluate the 

transaction and to determine whether the transaction is prudent and in the best interest of the Plan 

participants (the person may rely on written representations from the Plan or the Plan fiduciary 

for this purpose). 

Under the “assets under management” alternative, a counterparty can rely on the 

Counterparty Carve-Out if it knows or reasonably believes that the independent Plan fiduciary 

has responsibility for managing at least $100 million in employee benefit plan assets. In the case 

of an individual Plan, the person may rely on the most recent Form 5500 Annual Return/Report 

and in the case of an independent fiduciary acting as an asset manager for multiple Plans, a 

person may rely on representations from the independent fiduciary regarding the value of Plan 

assets under management. As with respect to the “plan size” test, the person must inform the 

independent fiduciary that the person is not undertaking to provide impartial investment advice, 

or to give advice in a fiduciary capacity and will not receive a fee or other compensation directly 

from the Plan or Plan fiduciary, for the provision of investment advice (as opposed to other 

services) in connection with the transaction. 

This diligence requirement is unnecessarily burdensome and complex, and will operate to 

the detriment of Plans by increasing costs, limiting access to information and potentially 

delaying execution. For example, when Plans or sophisticated asset managers acting on behalf 
U.S. Department of Labor 

July 20, 2015 

 

19 

of Plans enter into transactions with broker-dealers, the potential delays in execution occasioned 

by the trading counterparty’s need to assure itself that the Counterparty Carve-Out will be 

satisfied by obtaining or confirming the information required by the Carve-Out would almost 

certainly inure to the disadvantage of Plan clients. Obtaining a written representation regarding 

Plan size and sophistication before a market participant can enter into or offer to enter into a 

transaction is impractical, at best. 

We believe that the proscriptive conditions necessary to demonstrate diligence are not 

only superfluous, they are outright harmful. Instead, we suggest that the carve-out merely 

include a condition that the market participant has a reasonable basis to believe that the 

sophistication standard has been satisfied. Please see AMG’s suggested changes to the 

Counterparty Carve-Out in Appendix I. 

E. The Proposed Rule Should Clarify that Marketing of Products and 

Services is not “Investment Advice” 

Because the Proposed Rule broadly treats communications with Plans as 

“recommendations” without excluding the selling and marketing activity of asset management 

products and services, the AMG is concerned that sales and marketing activities may trigger 

fiduciary status under the Proposed Rule. Each introductory conversation, each pamphlet and 

each marketing material given before a Plan signs an agreement with an asset manager or enters 

into a transaction runs the risk that the asset manager becomes an investment advice fiduciary at 

that point with respect to the information provided. The asset manager may not be able to sell its 

own investment management services to sophisticated or retail Plans because of, in the former 

case, a concern that “services” is not within the ambit of the Counterparty Carve-Out 

transactions, and in the latter case, any communication, any response, even to a request for 

proposal or the like could be viewed as investment advice if “directed” to a Plan. This 

maximalist approach forces asset managers and other market participants to find an appropriate 

carve-out to avoid fiduciary status where common sense would indicate no fiduciary status is 

even remotely intended. 

It is our collective experience that, in deciding whether to hire or continue engaging a 

specific asset manager, Plans and their representatives want asset managers to discuss different 

strategies, styles and other features of investment management services and other products so 

that they can make informed decisions. Absent carving out these communication, the Proposed 

Rule will likely result in Plans receiving less information rather than more in deciding which 

asset manager to hire. We do not believe this was the Department’s intent and urge the 

Department to provide for a carve-out that allows a person to sell a product or service without 

fear of inadvertently becoming a fiduciary. 

We note that there are a number of common circumstances in which individuals – of all 

stripes, incomes, sophistication levels etc. – know or reasonably should conclude based on the 

context of the interaction that the person with whom they are interacting is “selling” something. 

Where the seller makes it clear that it is selling a product or service (or the Plan recipient should 

know under the circumstances that the asset manager is going to earn a fee on the sale of 

product), we do not think that that clear sales activities should confer investment advice status. 
U.S. Department of Labor 

July 20, 2015 

 

20 

Likewise, material containing boilerplate or non-individualized marketing or research materials 

is simply not investment advice.27 

The AMG has a two-part recommendation. First, the AMG recommends expanding the 

Counterparty Carve-Out to permit asset managers to market their asset management products and 

services to Sophisticated Plans (as defined in Appendix I), as they and their representatives 

should not realistically have “difficulty” in distinguishing between sales and investment advice. 

Second, the AMG recommends carving out marketing of asset management products and 

services to non-Sophisticated Plans where the marketing is preceded by disclosure in writing 

(and not in fine print) that the market participant is not undertaking to provide impartial 

investment advice or to give advice in a fiduciary capacity. This disclosure should be provided 

in advance of the initiation or execution of any transaction or service, as explained more fully in 

the SIFMA Letter. We have provided proposed language in Appendix I. 

F. Other Suggested Revisions to Counterparty-Carve Out 

 The Counterparty Carve-Out does not apply to pooled funds that are considered Plan 

assets and are subject to ERISA. We recommend that the Department adjust the language to 

clarify that pooled funds are included in the Counterparty Carve-Out and assume that this is 

merely a technical correction. This is reflected in our suggested language in Appendix I. 

In addition, we do not believe fiduciary obligations should extend to arms-length referrals 

– including to asset managers – where neither side assumes that the counterparty to the Plan is 

acting as an impartial trusted adviser. In this regard, we agree with the concerns and solutions 

proposed in the SIFMA Letter. 

G. Investment Education Carve-Out Should Preserve the Current 

Ability to List Specific Investment Options 

The Proposed Rule includes an investment education carve-out, which is purportedly 

“similar to the carve-out in the 2010 proposed regulation.” However, the Proposed Rule 

provides that, “[a]s a departure from IB 96-1, a new condition of the carve-out for investment 

education is that the information and materials not include advice or recommendations as to 

specific investment products, specific investment managers, or the value of particular securities 

or other property.”28

 

We respectfully believe that this “departure” and the addition of the “new condition” 

makes the carve-our neither “similar to” the carve-out in the 2010 proposal nor similar to the 

 

27 See NASD Notice to Members 01-23 (“[A] member that sends a customer or group of customers 

information about a security might include a statement that the member is not providing the information 

based on the customers’ particular financial situations or needs. Members may properly disclose to 

customers that the opinions or recommendations expressed in research do not take into account 

individual investors’ circumstances and are not intended to represent ‘recommendations’ by the 

member of particular stocks to particular customers.”). 

28 80 Fed. Reg. at 21945. 
U.S. Department of Labor 

July 20, 2015 

 

21 

“materials within the meaning of an earlier Interpretive Bulletin issued by the Department in 

1996.”29 In 1996, the Department adopted I.B. 96-1: 

In view of the important role that investment education can play in 

assisting participants and beneficiaries in making informed 

investment and retirement-related decisions and the uncertainty 

relating to the fiduciary implications of providing investmentrelated information to participants and beneficiaries, the 

Department is clarifying, herein, the application of ERISA’s 

definition of the term “fiduciary with respect to a plan” in section 

3(21)(A)(ii) to the provision of investment-related information to 

participants and beneficiaries.30

It further stated that: 

Interpretive Bulletin 96-1 identifies categories of information and 

materials regarding participant-directed individual account pension 

plans that do not, in the view of the Department, constitute 

“investment advice” under the definition of “fiduciary” in ERISA 

section 3(21)(A)(ii) and the corresponding regulation at 29 CFR 

2510.3-21(c)(1).31

However, the Department apparently now believes that “even when accompanied by a 

statement as to the availability of other investment alternatives, [such types of specific asset 

allocations that identify specific investment alternatives in I.B. 96-1 investment education] 

function as tailored, individualized investment recommendations, and can effectively steer 

recipients to particular investments, but without adequate protections against potential abuse.”32

 

We respectfully disagree, and note the Department has not provided any empirical information to 

support this assertion. Moreover, the Department noted at the time that the response to I.B. 96-1 

was “overwhelmingly positive.” The AMG is perplexed why this change is necessary to 

accomplish the Department’s goals, especially since it was not included in the Department’s 

original 2010 proposal and no evidence has been provided that circumstances have changed 

materially since the release of I.B. 96-1. 

 The Proposed Rule, as written, ignores the fact that Plans and their participants want 

“visual” or interactive scenarios, such as different generic model asset allocations, and need 

suggested investments for what would be included in those asset allocations, so that they 

understand how to apply the information. The imposition of a restriction on the use of a given 

 

29 Id. at 21944. 

30 Interpretive Bulletin 96-1; Participant Investment Education, 61 Fed. Reg. 29586 (June 11, 1996). 

31 Id. 

32 80 Fed. Reg. at 21934. 
U.S. Department of Labor 

July 20, 2015 

 

22 

asset manager’s name or product will almost certainly have the result of decreasing the 

availability of critical information Plans need to make informed decisions. We fear that the net 

effect of these substantial changes may be to chill investment firms’ appetite to provide any sort 

of investment education that could be viewed as crossing the line into investment advice 

fiduciary status. 

 At a bare minimum, the Department should permit lists of available alternative funds and 

other investments by asset class without highlighting any one particular investment. Such a 

breakdown of available investment options under a participant directed defined contribution plan 

is already required by the participant disclosure rules in the Department’s participant directed 

disclosure rules.33 Such lists of investments can be accompanied by appropriate disclosures, 

including statements that the products listed are just examples, information about where 

additional products can be found, and notes, if applicable, that the listed products are not the 

entirety of what is available and that other products may be similar or superior. 

Although one of the stated reasons for the Proposed Rule is the Department’s insistence 

that the Plan universe has evolved dramatically since 1975 from a largely defined benefit world 

to a defined contribution world, I.B. 96-1’s more recent publication and basis clearly puts it in a 

different category. I.B. 96-1 was developed specifically with respect to a defined contribution 

and participant-directed universe in mind: 

It has been represented to the Department that, while a number of 

employers sponsoring participant-directed individual account 

pension plans have instituted programs intended to educate their

employees about investment principles, financial planning and 

retirement, many employers have not offered programs or offered 

only limited programs due to uncertainty regarding the extent to 

which the provision of investment-related information may be 

considered the rendering of “investment advice” under section 

3(21)(A)(ii) of ERISA, resulting in fiduciary responsibility and 

potential liability in connection with participant-directed 

investments.34

 

The sudden changes to this long-held guidance is inconsistent with the Department’s expressed 

continuing goal of facilitating financial literacy.

Practically speaking, removing product and manager specific references will mean that 

the Department will have chosen to affirmatively place a speculative and unsubstantiated 

generalized concern about “steering” participants above the very real consequences that a Plan 

fiduciary, participant, beneficiary or IRA owner would be forced to undertake additional research 

at its own cost to find viable products that could fit the information permitted. Equally likely, 

the person may just fail to spend additional time or money necessary to determine specific 

 

33 See 29 CFR 2550.404a-5. 

34 61 Fed. Reg. at 29586 (emphasis added). 
U.S. Department of Labor 

July 20, 2015 

 

23 

appropriate investments and simply give up because it is too hard. This results runs counter to 

the Department’s goal of increasing retirement savings and improving investment outcomes. 

At the end of the day, we think the Department’s assumptions are incorrect and will inure 

to the detriment of Plans. Imagine if the Food and Drug Administration were somehow to 

regulate what pharmacists could say to customers, who, for example, visited their pharmacy 

asking about which over the counter medicines might address certain symptoms. Assume a 

customer comes into the pharmacy with a persistent and productive cough, runny nose and some 

occasional aches and pains. How helpful would it be to the ailing customer if the pharmacist 

were only able to talk about things such as acetaminophen, bromhexine, acetylcysteine, 

guaifenesin, ammonium chloride, ammonia, senega, sodium citrate, ipecacuanha, codeine, 

ibuprofen, dextromethorphan, dihydrocodeine, pholcodine, or pentoxyverine? What if the 

customer asked which products contained which ingredients, but all the pharmacist could tell the 

customer (who by this time may be exhausted from all of her coughing) is that she should go 

consult the many bottles which are generously lining the multiple shelves in the pharmacy? 

Even less useful information is provided by a pie chart that provides an asset allocation 

with broad categories such as “fixed income” or “equities” with no specific references to 

products. Each of these categories is very broad and can encompass a variety of strategies, substrategies and other important differences. The Department’s elimination of specific possible 

investment options will have the undesired result of causing Plan fiduciaries, participants, 

beneficiaries and IRA owners to think less about what is right for their Plans. It will either be 

too expensive, too time consuming, or too complicated for an individual to “connect the dots” so 

they can make informed investment decisions. Thus, we urge the Department to retain the 

ability to list specific invest alternatives, as provided in I.B. 96-1, but to retain the expansion of 

this “safe harbor” to all types of Plans. 

H. Swaps Carve-Out Should be Conformed to Advisory Opinion and 

Made Available for All Plans and IRAs. 

 The proposal provides a carve-out (the “Swaps Carve-Out”) to “allow swap dealers, 

security-based swap dealers, major swap participants and security-based major swap participants 

who make recommendations to plans to avoid becoming ERISA investment advice fiduciaries 

when acting as counterparties to a swap or security-based swap transaction.”35 As the preamble 

to the Proposed Rule states: 

Paragraph (b)(1)(ii) of the proposal specifically addresses advice 

and other communications by counterparties in connection with 

certain swap or security-based swap transactions under the 

Commodity Exchange Act or the Securities Exchange Act. This 

broad class of financial transactions is defined and regulated under 

amendments to the Commodity Exchange Act and the Securities 

Exchange Act by the Dodd-Frank Act. Section 4s(h) of the 

Commodity Exchange Act [], and section 15F of the Securities 

 

35 80 Fed. Reg. at 21943. 
U.S. Department of Labor 

July 20, 2015 

 

24 

Exchange Act of 1934 [] establishes similar business conduct 

standards for dealers and major participants in swaps or securitybased swaps. Special rules apply for transactions involving 

“special entities,” a term that includes employee benefit plans 

under ERISA, but not IRAs and other non-ERISA plans.36 

 AMG seeks three clarifications with respect to this carve-out. The first, as noted above, 

would make this exception applicable to all Plan accounts. There is no reason why a small Plan 

or a very sophisticated IRA should not be able to engage in a swap under appropriate 

circumstances, assuming the account is an eligible contract participant.37 The second is that it 

should cover the services inherent in swap transactions, such as, but not limited to, swap clearing 

arrangements. Third, the carve-out needs to cover pooled funds that hold plan assets, which is a 

significant omission. These latter two changes are critical to conform this carve-out to the relief 

the Department recently gave in Advisory Opinion 2013-01A. While the Department has 

indicated that it did not intend to cut back on that relief, the carve-out is inadequate to cover 

swap clearing arrangements. For proposed language, please see Appendix I. 

II. The Proposed Best Interest Contract Exemption (ZRIN 1210–ZA25)

The AMG has serious concerns about the ripple effect of the Proposed BIC Exemption, 

including significant reductions in retirement investment choices, increased costs and, ultimately, 

reduced retirement savings and benefits. While the Proposed BIC Exemption has direct 

application to broker-dealers, the impact will also be felt by asset managers who may be 

restricted from making investments for certain Plans, and may be forced to limit products and 

services that they offer. As such, in addition to agreeing with the comments submitted by 

SIFMA’s broker-dealer members regarding the Proposed BIC Exemption (the “SIFMA BIC 

Letter,” attached hereto as Appendix III), the AMG offers its own comments in order to explain 

how the Proposed BIC Exemption will impact asset managers’ Plan clients and investors. 

A. Narrow Scope of “Assets” is Inconsistent with Core ERISA 

Principles 

The narrow scope of the Proposed BIC Exemption with regard to investments within the 

Department’s definition of “Asset,” as explained in the SIFMA BIC Letter, will mean that 

advisers who rely on the Proposed BIC Exemption will be unable to use their judgment to advise 

Plans to invest in the Plan’s best interest and, instead, will be limited to a de facto legal list of 

“approved” products. What happens when an investment product that may be best suited for a 

tax-deferred arrangement is not “on the list?” Should that product only be made available for 

non-Plan accounts, even though those accounts are not tax efficient? Should an inferior 

substitute be sold to the Plan even though on a relative basis, it clearly is not in the individual’s 

best interest? If a Plan wishes to purchase an interest in a non-publicly traded REIT that is better 

suited to be held in a tax-deferred vehicle but it is not on the “approved” list what are the 

 

36 Id. at 21942. 

37 See, e.g., 77 Fed. Reg. 9734, 9823-9829 (February 17, 2012) and the presumptions prescribed therein. 
U.S. Department of Labor 

July 20, 2015 

 

25 

potential savings impacts? All things being equal, the retirement beneficiary or saver will likely 

have less money for retirement because the Proposed BIC Exemption effectively constrains 

economically rational choices and will result in suboptimal savings. 

AMG does not believe that the Department possesses the authority to impose an 

“approved list” of this nature. In light of its impact, the AMG agrees with the SIFMA BIC 

Letter’s recommendation of, at minimum, revising the scope to cover “securities or other 

property,” as this standard is already used under the existing definition.38

B. Compensation Structures Should Permit Service Providers to 

“Continue Receiving Common Types of Compensation” 

In addition to the limitations imposed by the narrow scope of “Assets” covered by the 

Proposed BIC Exemption, the lack of clarity regarding permissible compensation structures will 

cause broker-dealers to stop offering some products to Plans, if they use the Proposed BIC 

Exemption at all. The Preamble to the Proposed BIC Exemption includes five examples of 

“broad approaches to [individual employee] compensation structures that could help satisfy the 

contractual warranty regarding the policies and procedures [concerning Material Conflicts].”39 It 

notes that “[c]ertainly, one way for a financial institution to comply is to adopt a ‘level-fee’ 

structure, in which compensation for [individuals] does not vary based on the particular 

investment product recommended. But the exemption does not mandate such a structure.”40

 

Practically speaking, however, a careful examination of the Department’s suggested alternatives 

and risk measuring tips would lead one to conclude that the Department is strongly indicating 

that departures from a fee-leveling and/or fee offset model will have, at a minimum, a largely 

uphill battle in demonstrating compliance with the Impartial Conduct Standards in the Proposed 

BIC Exemption. 

As the SIFMA BIC Letter explains, the architecture of the Proposed BIC Exemption and 

its Impartial Conduct Standards raise significant questions as to whether “[u]nder the exemption, 

advisers will be able to continue receiving common types of compensation.”41 Products offered 

by asset managers have different compensation structures (e.g., compensation for an exchange 

traded fund may be a commission and for an actively managed mutual fund revenue sharing, and 

some funds may or may not employ 12b-1 or other fees). Broker-dealers and asset managers 

alike will likely find it too difficult to determine how “[c]ommon forms of compensation in use 

today in the financial services industry, such as commissions and revenue sharing . . . whether 

paid by the client or a third party such as a mutual fund” can possibly fit into the Proposed BIC 

Exemption’s Impartial Conduct Standards.42 Because of this difficulty, there is a risk that a 

 

38 See ERISA § 3(21)(A)(ii); 29 CFR 2550.3-21(c)(1)(i). 

39 80 Fed. Reg. at 21971. 

40 Id. (emphasis added). 

41 See DOL Fact Sheet, supra at note 5. 

42 Id. 
U.S. Department of Labor 

July 20, 2015 

 

26 

salesperson selling asset management products and services that includes recommendations or 

related advice would have to fit within a fee-leveling and/or fee offset model. Asset managers 

and other market participants would be forced to eliminate any differential or third party 

compensation arrangements with such salespersons (including attendance at training or other 

seminars to which advisers may be invited), as well as any bonus or incentive programs for them. 

The receipt of such education by the financial adviser could be viewed as impermissible 

compensation under the Proposed BIC Exemption. This may have the effect of forcing Plans to 

more expensive asset-based products. 

In addition, the complexities of compliance carry significant risks for any market 

participant relying on the Proposed BIC Exemption. None of the conditions provides room for 

de minimis or immaterial actions (or omissions). With the specter of excise taxes and penalties 

arising out of any inadvertent foot-faults, AMG believes that the structure of the Proposed BIC 

Exemption will effectively force broker-dealers to offer only those products and services which 

pose the fewest opportunities for failure (e.g., ETFs and mutual funds without sales loads, 

revenue sharing or 12b-1 fees). This will operate to limit Plan choice. 

As a further consequence of the conditions of the Proposed BIC Exemption, some asset 

managers will conclude that they must discontinue (or severely limit) mutual fund share classes 

that include 12b-1, subtransfer agency or other payments from the fund, or payment of 

distribution and marketing (i.e., revenue sharing), thus limiting choice, reducing services and 

increasing costs. Some Plans, particularly smaller Plans, prefer share classes that include such 

payments to cover omnibus recordkeeping or other costs to manage the Plan. Many of these 

Plans do not have the cash to make payments upfront and thus need such arrangements. Also, if 

asset managers are effectively forced to move to share classes with only advisory fees and 

revenue sharing is curtailed, education and other informational material provided by financial 

advisers generally could “dry up,” as such education is often paid for by the asset manager or its 

product. The Department’s cost-benefit analysis does not account for these detrimental impacts. 

Additionally, the Proposed BIC Exemption raises troubling questions as to the ability of 

fiduciaries to offer their proprietary products (as defined by the proposal). Although the 

Proposed BIC Exemption expressly contemplates the offering of proprietary products by 

fiduciaries, it requires, among other things, that offerors of proprietary products adhere to 

Impartial Conduct Standards, as defined in the Proposed BIC Exemption (and elsewhere under 

the architecture of the Department’s proposal), and mitigate any material conflicts of interest. 

The Proposed BIC Exemption would de facto impose significantly higher hurdles to a fiduciary

in the offering of its own products as compared to the products available through competitors. 

Apart from the anti-competitive impacts of the Proposed BIC Exemption and the proposal taken 

as a whole, it could have a chilling effect on the ability of fiduciaries to offer proprietary 

products that are otherwise in the best interest of their clients. 

The net impact of compensation arrangements which will need to be adopted to conform 

to the Proposed BIC Exemption’s compensation requirements will be detrimental to retirement 

and other clients. If the Proposed BIC is used at all, it will be available only with respect to a 

narrow set of products and services. For these reasons, the AMG agrees with the 

recommendations made in the SIFMA BIC Letter. 
U.S. Department of Labor 

July 20, 2015 

 

27 

C. Exemption for Pre-Existing Transactions Should Allow for Transition 

without Loss of Services or Access by Retirement Savers 

For the reasons set forth in the SIFMA BIC Letter, the AMG recommends adjusting the 

transitional relief to provide retirement savers sufficient continuation of services and access to 

information. We do not believe that it would be in the best interests of retirement savers to deny 

transition relief for sales or other dispositions of assets already held in such accounts. The AMG 

would further recommend that any acquisitions or dispositions that are effected after the 

applicability date of the regulation pursuant to any standing or automatic investment instructions 

effected before the applicability date be afforded protection under the Proposed BIC Exemption. 

These recommended modifications would allow investors and advisers to continue on 

previously agreed courses of action, with the relief to end immediately upon any new 

recommendation or transaction that otherwise would trigger the contractual and other 

requirements of the Proposed BIC Exemption. Finally, and perhaps most importantly, 

affirmative signatures should not be required by any Plan or on behalf of any Plan as part of any 

transition. Such a requirement would put Plans in a netherworld in which asset managers and 

other market participants will be encouraged to do nothing while they wait for a signature that 

may or may not come. Such a requirement would not be in the best interest of retirement savers. 

D. Request for Comment on a Low-Fee Streamlined Exemption 

We disagree with an approach that would provide a separate class exemption for advice 

concerning low-fee index funds. As such, we agree with the SIFMA BIC Letter’s 

recommendation of even-handed treatment of investments in the Proposed BIC Exemption and 

in the Proposed Rule. 
U.S. Department of Labor 

July 20, 2015 

 

28 

* * * 

The AMG respectfully believes that the Department’s Proposed Rule and Proposed BIC 

Exemption are profoundly flawed and should not be adopted. If the Department nonetheless 

proceeds with these rulemakings, for the reasons stated above, we request that the Department 

revise the Proposed Rule and Proposed BIC Exemption in line with the AMG’s 

recommendations. 

The AMG thanks the Department for the opportunity to comment. Should you have any 

question, please do not hesitate to contact Tim Cameron at 202-962-7447 or 

tcameron@sifma.org or Laura Martin at 212-313-1176 or lmartin@sifma.org. 

Respectfully submitted, 

Timothy W. Cameron, Esq. 

Managing Director 

Asset Management Group – Head 

Securities Industry and Financial Markets 

Association 

Laura Martin 

Managing Director & Associate General Counsel 

Asset Management Group 

Securities Industry and Financial Markets 

Association 
i

APPENDIX I 

 The following are the AMG’s suggested changes to the text of the Proposed Rule, in 

addition to the general recommendations set forth in the AMG’s comment letter. The AMG 

believes that even with these changes the Department would be adopting a regulatory 

architecture that exceeds its statutory authority, but that these revisions would ameliorate a 

number of the Proposed Rule’s significant adverse effects. 

(a) INVESTMENT ADVICE. For purposes of section 3(21)(A)(ii) of the Employee 

Retirement Income Security Act of 1974 (the “Act”) and section 4975(e)(3)(B) of the 

Internal Revenue Code (the “Code”), except as provided in paragraph (b) of this 

section and except with respect to any Sale described in paragraph (f)(10) hereof, a 

person renders individualized investment advice directly to a plan or IRA described in 

paragraph (f)(2) of this section, with respect to specific moneys or other property of a 

specific account (but only to the extent of such investment advice) upon which such 

plan or IRA reasonably relies in making an investment decision, and in the case of a 

Sophisticated Plan (as defined in paragraph (f)(9) hereof), only if such advice is 

rendered pursuant to a mutual agreement between the person and the Sophisticated 

Plan that such investment advice will form a primary basis for or will significantly 

influence the Sophisticated Plan’s investment decision, if, for any such plan or IRA 

described in this paragraph (a)-- 

(b)(1)(i) COUNTERPARTIES AND SERVICE PROVIDERS. In such person’s capacity as a 

counterparty or service provider to a plan or IRA (including for this purpose, any 

entity deemed to constitute the assets of any such plan or IRA by reason of Section 

3(42) of the Act), the person provides advice to a plan, plan fiduciary, plan participant 

or beneficiary, IRA or IRA owner who is independent of such person and who 

exercises authority or control with respect to the management or disposition of the 

plan’s or IRA’s assets or provides investment advice to the plan’s or IRA’s assets, 

with respect to an arm’s length service arrangement, sale, purchase, loan or bilateral 

contract between the plan or IRA and a person, or with respect to a proposal to enter 

into such a service arrangement, sale, purchase, loan or bilateral contract if, prior to or 

in connection with the entering into a relationship or any such transaction, such 

person has a reasonable belief that such plan or IRA is a Sophisticated Plan. 

(b)(1)(ii) SWAP TRANSACTIONS. The person is a counterparty, service provider or 

representative thereof or of the plan in connection with a swap or security-based swap 

if, the plan or plan asset vehicle is represented by a fiduciary independent of the 

person; the person is a swap clearing firm or other service provider in relation to a 

swap, swap dealer, security-based swap dealer, major swap participant, or major 

security-based swap participant; the person (if a swap dealer, security-based swap 

dealer, clearing firm or other similar service provider), is not acting as an advisor to 

the plan or plan asset vehicle in connection with the transaction; and in advance of 

providing any recommendations with respect to a transaction or a series of potential 

transactions, the person obtains a written representation from the independent plan 

fiduciary, that the fiduciary will not rely on recommendations provided by the person. 
ii

(f)(1) “RECOMMENDATION’’ means a communication that, based on its content, 

context, and presentation, would reasonably be viewed as qualitative, or as an 

endorsement or call to take or refrain from taking any investment action, provided 

however, the term recommendation shall not include any communication that would 

not be a recommendation within the meaning of applicable Financial Industry 

Regulatory Authority (“FINRA”) rules. 

(f)(9) “SOPHISTICATED PLAN” means 

(a) any plan or IRA (including any account or entity the assets of which are deemed 

to constitute the assets of any such plan or IRA by reason of Section 3(42) of the 

Act), or group of plans established or maintained by the same employer, including an 

affiliate thereof (as defined in Part VI(c) of Prohibited Transaction Class Exemption 

84-14), or employee organization, which has at least $50,000,000 in total assets, or 

any plan, or group of plans if their assets are pooled in a single master trust, with 100 

or more participants or beneficiaries, in either such case as of the last day of the 

previous calendar year; or 

(b) any plan or IRA (including any account or entity the assets of which are deemed 

to constitute the assets of any such plan or IRA by reason of Section 3(42) of the 

Act), the assets of which, with respect to any communication, recommendation or 

interaction by or with any person, is under the advisement (including, without 

limitation, as a consultant), direction or management of a fiduciary (within the 

meaning of Section 3(21) of ERISA), that is: 

(i) a person that is (A) a bank, as defined in section 202(a)(2) of the Investment 

Advisers Act of 1940, which bank has, as of the last day of its most recent fiscal year, 

stock (common and preferred), surplus, undivided profits, contingency reserves and 

other capital reserves (for purposes of this paragraph (f)(9), “Equity Capital”) in 

excess of $1,000,000, (B) a savings and loan association, the accounts of which are 

insured by the Federal Savings and Loan Insurance Corporation, that has made 

application for and been granted trust powers to manage, acquire or dispose of assets 

of a plan by a State or Federal authority having supervision over savings and loan 

associations, which savings and loan association has, as of the last day of its most 

recent fiscal year, Equity Capital, or capital, paid-in and contributed surplus, 

unassigned surplus, contingency reserves, group contingency reserves, and special 

reserves (for purposes of this paragraph (f)(9), “Net Worth”) in excess of $1,000,000, 

(C) an insurance company which is qualified under the laws of more than one State to 

manage, acquire, or dispose of any assets of a plan, which company has, as of the last 

day of its most recent fiscal year, Net Worth in excess of $1,000,000 and which is 

subject to supervision and examination by a State authority having supervision over 

insurance companies, or (D) an investment adviser registered under the Investment 

Advisers Act of 1940 that has total client assets under its management and control or 

under advisement in excess of $85,000,000 as of the last day of its most recent fiscal 

year, and either (I) shareholders’ or partners’ equity in excess of $1,000,000, or (II) 

payment of all of its liabilities including any liabilities that may arise by reason of a 

breach or violation of a duty described in Section 404 or 406 of the Act is 
iii

unconditionally guaranteed by—(a) a person directly or indirectly, through one or 

more intermediaries, controlling, controlled by, or under common control with such 

investment adviser if the investment adviser and such affiliate have shareholders’ or 

partners’ equity, in the aggregate, in excess of $1,000,000, (b) a person described in 

(b)(i)(A), (B) or (C), or (c) a broker-dealer registered under the Securities Exchange 

Act of 1934 that has, as of the last day of its most recent fiscal year, Net Worth in 

excess of $1,000,000; 

(ii) a U.S. registered investment adviser which qualifies as an “in house asset 

manager” for purposes of Part IV of Prohibited Transaction Class Exemption 96-23, 

as may be amended from time to time; or 

(iii) a U.S. registered broker-dealer; 

(c) an IRA or participant-directed individual account plan (within the meaning of 

Section 3(34) of the Act) that is under the management or direction of 

(i) a natural person who, or a company that, enters into an advisory or discretionary 

management agreement on behalf of such an IRA or plan, where such advisory or 

management agreement will cover at least $1,000,000 of the assets of such plan or 

IRA; 

(ii) a natural person with a net worth (together with assets held jointly with a spouse) 

of more than $2,000,000 (disregarding for this purpose any such natural person’s (or 

spouse’s) primary residence and disregarding for liability purposes any indebtedness 

secured by such primary residence, up to the estimated fair market value of the 

primary residence at the time the arrangement is entered into (except that if the 

amount of such indebtedness outstanding at the time of calculation exceeds the 

amount outstanding 60 days before such time, other than as a result of the acquisition 

of the primary residence, the amount of such excess must be included as a liability) 

and including as a liability any amounts of indebtedness of any such primary 

residence in excess of the estimated fair market value of the residence; or 

(iii) a natural person (including any person who holds a joint, community property, or 

other similar shared ownership interest in certain outstanding securities under 15 USC 

80a–3(c)(7)) who owns not less than $5,000,000 in investments, (as may be defined 

by the U.S. Securities and Exchange Commission from time to time. 

For purpose of section (f)(9), the term “fiduciary” shall also include, in the case of an 

IRA, the individual for whose benefit the IRA was created, or in the case of a 

participant-directed individual account plan (within the meaning of Section 3(34) of 

the Act), the participant if such participant’s individual plan account is under such 

participant’s control (within the meaning of 29 CFR 2550.404c-1). 

 (f)(10) “SALE” means any communication to or interaction with any plan or IRA 

(which for purposes of this section (f)(10) includes any entity deemed to constitute 

the assets of any such plan or IRA by reason of Section 3(42) of the Act) or 

representative thereof which is related to, in contemplation of, or which may form a 
iv

basis of the offering of any product or service to such plan or IRA or such person’s 

representative or is intended by such person to foster the entering into of the product 

or service arrangement, to further the maintenance or administration of any existing 

relationship, or to explore the potential expansion of such relationship through the 

consideration of information relating to any product or service, provided however, 

with respect to any plan or IRA that is not a Sophisticated Plan, such person shall 

promptly following the first direct introduction to or first direct interaction between 

such person with such plan or IRA that is related to, in contemplation of, or which 

may form a basis of the offering of any product or service to such plan or IRA, and in 

any event prior to the initiation of or execution of any transaction or service following 

the inception of the relationship, communicate to such plan or IRA (i) that any 

information is provided in connection with the sale of a product or service or for 

consideration in connection with any future sale of any product or service and is not 

investment advice within the meaning of this section; and (ii) that such plan or IRA 

should not rely on the communicating person to provide impartial advice in 

connection with any information, material or communication provided with respect to 

the sale or proposed sale of such product or service.

We also recommend the following changes to paragraph (b): 

(b) CARVE-OUTS--INVESTMENT ADVICE. Except for advice described in paragraph 

(a)(1) of this section with respect to which the person has represented or 

acknowledged that it is acting as a fiduciary as described in paragraph (a)(2)(i) of this 

section with respect to a particular account and a particular transaction or series of 

transactions, the rendering of advice or other communications in conformance with a 

carve-out set forth in paragraph (b)(1) through (6) of this section shall not cause the 

person who renders the advice to be treated as a fiduciary under paragraph (a) of this 

section. 
APPENDIX II 

Letter from the Securities Industry and Financial Markets Association re: RIN1210-AB32 

(the “SIFMA Letter”) 
 

  

	
	 




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