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Final Fiduciary Regulations, Part 2: Navigating the BIC and more
Presentor: David Schultz Recorded Date: 6/2/2016 Duration: 60 Min.

This program was recorded during a live presentation given on June 2, 2016 at 12:00PM EST.

The new final regulation defining what it means to be an investment advice fiduciary contains the “Best Interest Contract (BIC) prohibited transaction exemption (PTE), which will allow “conflicted compensation” to be paid if the terms of the BIC exemption are met. While less complicated than the 2015 proposed BIC, the final rule imposes a number of significant requirements on financial professionals. This session will review the BIC, along with its requirements and limitations. In addition, this session will cover concurrent changes to other PTEs that can impact financial professionals and plan administrators.

Topics include:

  • How the prohibited transaction rules impact financial professional compensation under the final fiduciary regulations
  • An overview of the final Best Interest Contract prohibited transaction exemption
  • A review of the other prohibited transaction exemption changes under the final regulatory package
  • A discussion of the effective and transitional relief dates for implementation of the regulation

There are no prerequisites or other advanced preparation for this program. Attendees should have one year of experience.

Level: Overview. The speaker will assume attendees have a basic familiarity with the elective deferral procedures and EPCRS.

Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

Objectives: After attending the program you should be able to:

  • Determine how to satisfy the requirements of the BIC
  • Understand how to apply the rule’s Best Interest Standard
  • Recognize compensation arrangements that would violate the BIC’s requirements
  • Apply the different requirements to Proprietary Product sales or Level Fee arrangements

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