HR 1000 RFS 
spect to the plan in connection with any sale, 
acquisition, or holding of a security or other 
property for purposes of investment of amounts 
held by the plan, if—
‘‘(i) 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 fi-
duciary adviser provides to the recipient of 
the advice, at a time reasonably contem-
poraneous with the initial provision of the 
advice, a written notification (which may 
consist of notification by means of elec-
tronic communication)—
‘‘(I) of all fees or other com-
pensation relating to the advice that 
the fiduciary adviser or any affiliate 
thereof is to receive (including com-
pensation provided by any third 
party) in connection with the provi-
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 contractual relationship of the fidu-
HR 1000 RFS 
ciary adviser or affiliates thereof in 
the security or other property, 
‘‘(III) of any limitation placed on 
the scope of the investment advice to 
be provided by the fiduciary adviser 
with respect to any such sale, acquisi-
tion, 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 in-
vestment advice by the fiduciary ad-
viser, 
‘‘(V) that the adviser is acting as 
a fiduciary of the plan in connection 
with the provision of the advice, and 
‘‘(VI) that a recipient of the ad-
vice may separately arrange for the 
provision of advice by another adviser, 
that could have no material affiliation 
with and receive no fees or other com-
pensation in connection with the secu-
rity or other property, 
‘‘(ii) the fiduciary adviser provides ap-
propriate disclosure, in connection with the
HR 1000 RFS 
sale, acquisition, or holding of the security 
or other property, in accordance with all 
applicable securities laws, 
‘‘(iii) the sale, acquisition, or holding 
occurs solely at the direction of the recipi-
ent of the advice, 
‘‘(iv) the compensation received by the 
fiduciary adviser and affiliates thereof in 
connection with the sale, acquisition, or 
holding of the security or other property is 
reasonable, and 
‘‘(v) 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. 
‘‘(C) STANDARDS FOR PRESENTATION OF 
INFORMATION.—The notification required to be 
provided to participants and beneficiaries under 
subparagraph (B)(i) shall be written in a clear 
and conspicuous manner and in a manner cal-
culated to be understood by the average plan 
participant and shall be sufficiently accurate 
and comprehensive to reasonably apprise such 
participants and beneficiaries of the information 
required to be provided in the notification.
HR 1000 RFS 
‘‘(D) EXEMPTION CONDITIONED ON MAK-
ING REQUIRED INFORMATION AVAILABLE ANNU-
ALLY, ON REQUEST, AND IN THE EVENT OF MA-
TERIAL
CHANGE.—The requirements of sub-
paragraph (B)(i) shall be deemed not to have 
been met in connection with the initial or any 
subsequent provision of advice described in sub-
paragraph (B) to the plan, participant, or bene-
ficiary if, at any time during the provision of 
advisory services to the plan, participant, or 
beneficiary, the fiduciary adviser fails to main-
tain the information described in subclauses (I) 
through (IV) of subparagraph (B)(i) in cur-
rently accurate form and in the manner re-
quired by subparagraph (C), or fails—
‘‘(i) to provide, without charge, such 
currently accurate information to the re-
cipient of the advice no less than annually, 
‘‘(ii) to make such currently accurate 
information available, upon request and 
without charge, to the recipient of the ad-
vice, or 
‘‘(iii) in the event of a material 
change to the information described in 
subclauses (I) through (IV) of subpara-
HR 1000 RFS 
graph (B)(i), to provide, without charge, 
such currently accurate information to the 
recipient of the advice at a time reasonably 
contemporaneous to the material change in 
information. 
‘‘(E) MAINTENANCE FOR 6 YEARS OF EVI-
DENCE OF COMPLIANCE.—A fiduciary adviser 
referred to in subparagraph (B) who has pro-
vided advice referred to in such subparagraph 
shall, for a period of not less than 6 years after 
the provision of the advice, maintain any 
records necessary for determining whether the 
requirements of the preceding provisions of this 
paragraph and of subsection (d)(16) have been 
met. A transaction prohibited under subsection 
(c)(1) shall not be considered to have occurred 
solely because the records are lost or destroyed 
prior to the end of the 6-year period due to cir-
cumstances beyond the control of the fiduciary 
adviser. 
‘‘(F) EXEMPTION FOR PLAN SPONSOR AND 
CERTAIN OTHER FIDUCIARIES.—A plan sponsor 
or other person who is a fiduciary (other than 
a fiduciary adviser) shall not be treated as fail-
ing to meet the requirements of this section