Hearing Transcript: Definition of Fiduciary Investment Advice

This document is about a public hearing held by the U.S. Department of Labor's Employee Benefits Security Administration regarding a proposed regulation to update the definition of who is considered a fiduciary for providing investment advice to employee benefit plans or plan participants. The hearing features testimony from various industry representatives, academics, and consumer advocates on the scope of the proposed regulation, its potential impact on plan sponsors and participants, and recommendations for revisions. Key topics discussed include the treatment of investment education versus advice, the application of fiduciary status to distribution recommendations and valuations, and the need to harmonize the regulation with parallel initiatives by the SEC and CFTC.