# Definition of the Term “Fiduciary”; Conflict of Interest Rule-Retirement Investment Advice
> **Employee Benefits Security Administration** · Final rule. · Published 2016-04-08 · Effective 2016-06-07 · 81 FR 20946
## Document
- **Document number:** 2016-07924
- **Category:** retirement-erisa
- **Sub-agency:** Employee Benefits Security Administration
- **Federal Register citation:** 81 FR 20946
- **CFR reference:** 29 CFR 2509
- **Publication date:** 2016-04-08
- **Effective date:** 2016-06-07
## Abstract

This document contains a final regulation defining who is a "fiduciary" of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA or the Act) as a result of giving investment advice to a plan or its participants or beneficiaries. The final rule also applies to the definition of a "fiduciary" of a plan (including an individual retirement account (IRA)) under the Internal Revenue Code of 1986 (Code). The final rule treats persons who provide investment advice or recommendations for a fee or other compensation with respect to assets of a plan or IRA as fiduciaries in a wider array of advice relationships.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2016/04/08/2016-07924/definition-of-the-term-fiduciary-conflict-of-interest-rule-retirement-investment-advice)
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