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‘‘(iii) the requirements of subsection (g) 
are met in connection with the provision of the 
advice. 
‘‘(B) The transactions described in this sub-
paragraph are the following: 
‘‘(i) the provision of the advice to the 
plan, participant, or beneficiary; 
‘‘(ii) the sale, acquisition, or holding 
of a security or other property (including 
any lending of money or other extension of 
credit associated with the sale, acquisition, 
or holding of a security or other property) 
pursuant to the advice; and 
‘‘(iii) the direct or indirect receipt of 
fees or other compensation by the fiduciary 
adviser or an affiliate thereof (or any em-
ployee, agent, or registered representative 
of the fiduciary adviser or affiliate) in con-
nection with the provision of the advice or 
in connection with a sale, acquisition, or 
holding of a security or other property pur-
suant to the advice.’’. 
(b) REQUIREMENTS.—Section 408 of such Act is 
amended further by adding at the end the following new 
subsection:
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‘‘(g) REQUIREMENTS RELATING TO PROVISION OF 
INVESTMENT ADVICE BY FIDUCIARY ADVISERS.— 
‘‘(1) IN GENERAL.—The requirements of this 
subsection are met in connection with the provision 
of 
investment 
advice 
referred 
to 
in 
section 
3(21)(A)(ii), provided to an employee benefit plan or 
a participant or beneficiary of an employee benefit 
plan by a fiduciary adviser with respect to the plan 
in connection with any sale, acquisition, or holding 
of a security or other property for purposes of in-
vestment of amounts held by the plan, if— 
‘‘(A) in the case of the initial provision of 
the advice with regard to the security or other 
property by the fiduciary adviser to the plan, 
participant, or beneficiary, the fiduciary adviser 
provides to the recipient of the advice, at a time 
reasonably contemporaneous with the initial 
provision of the advice, a written notification 
(which may consist of notification by means of 
electronic communication)— 
‘‘(i) of all fees or other compensation 
relating to the advice that the fiduciary ad-
viser or any affiliate thereof is to receive 
(including compensation provided by any 
third party) in connection with the provi-
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sion of the advice or in connection with the 
sale, acquisition, or holding of the security 
or other property, 
‘‘(ii) of any material affiliation or con-
tractual relationship of the fiduciary ad-
viser or affiliates thereof in the security or 
other property, 
‘‘(iii) of any limitation placed on the 
scope of the investment advice to be pro-
vided by the fiduciary adviser with respect 
to any such sale, acquisition, or holding of 
a security or other property, 
‘‘(iv) of the types of services provided 
by the fiduciary adviser in connection with 
the provision of investment advice by the 
fiduciary adviser, 
‘‘(v) that the adviser is acting as a fi-
duciary of the plan in connection with the 
provision of the advice, and 
‘‘(vi) that a recipient of the advice 
may separately arrange for the provision of 
advice by another adviser, that could have 
no material affiliation with and receive no 
fees or other compensation in connection 
with the security or other property,
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‘‘(B) the fiduciary adviser provides appro-
priate disclosure, in connection with the sale, 
acquisition, or holding of the security or other 
property, in accordance with all applicable secu-
rities laws, 
‘‘(C) the sale, acquisition, or holding oc-
curs solely at the direction of the recipient of 
the advice, 
‘‘(D) the compensation received by the fi-
duciary adviser and affiliates thereof in connec-
tion with the sale, acquisition, or holding of the 
security or other property is reasonable, and 
‘‘(E) the terms of the sale, acquisition, or 
holding of the security or other property are at 
least as favorable to the plan as an arm’s 
length transaction would be. 
‘‘(2) STANDARDS FOR PRESENTATION OF IN-
FORMATION.— 
‘‘(A) IN
GENERAL.—The notification re-
quired to be provided to participants and bene-
ficiaries under paragraph (1)(A) shall be writ-
ten in a clear and conspicuous manner and in 
a manner calculated to be understood by the av-
erage plan participant and shall be sufficiently 
accurate and comprehensive to reasonably ap-
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prise such participants and beneficiaries of the 
information required to be provided in the noti-
fication. 
‘‘(B) MODEL FORM FOR DISCLOSURE OF 
FEES AND OTHER COMPENSATION.—The Sec-
retary shall issue a model form for the disclo-
sure of fees and other compensation required in 
paragraph (1)(A)(i) which meets the require-
ments of subparagraph (A). 
‘‘(3) EXEMPTION CONDITIONED ON MAKING RE-
QUIRED
INFORMATION
AVAILABLE
ANNUALLY, ON 
REQUEST, 
AND
IN
THE
EVENT
OF
MATERIAL 
CHANGE.—The requirements of paragraph (1)(A) 
shall be deemed not to have been met in connection 
with the initial or any subsequent provision of advice 
described in paragraph (1) to the plan, participant, 
or beneficiary if, at any time during the provision of 
advisory services to the plan, participant, or bene-
ficiary, the fiduciary adviser fails to maintain the in-
formation described in clauses (i) through (iv) of 
subparagraph (A) in currently accurate form and in 
the manner described in paragraph (2) or fails— 
‘‘(A) to provide, without charge, such cur-
rently accurate information to the recipient of 
the advice no less than annually,