Field Assistance Bulletin No. 2021-02: Temporary Enforcement Policy on Prohibited Transaction Rules Applicable to Investment Advice Fiduciaries

This document is about a temporary enforcement policy announced by the U.S. Department of Labor's Employee Benefits Security Administration. The policy provides additional transition relief related to the implementation of PTE 2020-02, which provides a prohibited transaction exemption for investment advice fiduciaries. Specifically, the Department will not pursue prohibited transactions claims against investment advice fiduciaries who are working diligently and in good faith to comply with the Impartial Conduct Standards through January 31, 2022, and will not enforce the specific documentation and disclosure requirements for rollovers in PTE 2020-02 through June 30, 2022.