amounts of compensation described in 
clause (iii) that the person will receive in 
connection with the particular transaction 
(expressed as an amount, formula, percent-
age of assets, per capita charge, or esti-
mate of such compensation). 
‘‘(B) No recommendation will fail to satisfy the 
conditions described in clauses (i) through (iii) of 
subparagraph (A) solely because the person, acting 
in good faith and with reasonable diligence, makes 
an error or omission in disclosing the information 
specified in such clauses, provided that the person 
discloses the correct information to the advice recipi-
ent as soon as practicable, but not later than 30 
days from the date on which the person knows of 
such error or omission. 
‘‘(C) For purposes of this paragraph, the term 
‘affiliate’ has the meaning given in subsection 
(g)(11)(B).’’. 
(b) EFFECTIVE DATE.— 
(1) MODIFICATION
OF
CERTAIN
RULES, AND 
RULES
AND
ADMINISTRATIVE
POSITIONS
PROMUL-
GATED BEFORE ENACTMENT BUT NOT EFFECTIVE 
ON
JANUARY
1, 2015, PROHIBITED.—The Depart-
ment of Labor is prohibited from amending any 
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rules or administrative positions promulgated under, 
or applicable for purposes of, section 3(21) of the 
Employee Retirement Income Security Act of 1974 
(including Department of Labor Interpretive Bul-
letin 96–1 (29 C.F.R. 2509.96–1) and Department 
of Labor Advisory Opinion 2005–23A), and no such 
rule or administrative position promulgated by the 
Department of Labor prior to the date of the enact-
ment of this Act but not effective on January 1, 
2015, may become effective unless a bill or joint res-
olution referred to in paragraph (3) is enacted as de-
scribed in such paragraph not later than 60 days 
after the date of the enactment of this Act. 
(2) GENERAL
EFFECTIVE
DATE
OF
AMEND-
MENTS.—Except as provided in paragraph (3), the 
amendments made by subsection (a) of this section 
shall take effect on the 61st day after the date of 
the enactment of this Act and shall apply with re-
spect to information provided or recommendations 
made on or after 2 years after the date of the enact-
ment of this Act. 
(3) EXCEPTION.—If a bill or joint resolution is 
enacted prior to the 61st day after the date of the 
enactment of this Act that specifically approves any 
rules or administrative positions promulgated under, 
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or applicable for purposes of, section 3(21) of the 
Employee Retirement Income Security Act of 1974 
that is not in effect on January 1, 2015, the amend-
ments made by subsection (a) of this section shall 
not take effect. 
(c) GRANDFATHERED TRANSACTIONS
AND SERV-
ICES.—The amendments made by subsection (a) shall not 
apply to any service or transaction rendered, entered into, 
or for which a person has been compensated prior to the 
date on which the amendments made by subsection (a) 
of this Act become effective under subsection (b)(2). 
(d) TRANSITION.—If the amendments made by sub-
section (a) of this section take effect, then nothing in this 
section shall be construed to prohibit the issuance of guid-
ance to carry out such amendments so long as such guid-
ance is necessary to implement such amendments. Until 
such time as regulations or other guidance are issued to 
carry out such amendments, a plan and a fiduciary shall 
be treated as meeting the requirements of such amend-
ments if the plan or fiduciary, as the case may be, makes 
a good faith effort to comply with such requirements. 
Æ 
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