On July 7, 2020, the U.S. Department of Labor (“DOL”) published a Final Rule formally implementing the vacatur of the 2016 DOL Fiduciary Rule issued by the U.S. Court of Appeals for the Fifth Circuit on June 21, 2018. The DOL Fiduciary Rule had redefined the term “fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code of 1986 (the “Code”). As a result of this Final Rule, the DOL Fiduciary Rule, along with the related Best Interest Contract Exemption and Principal Transaction Exemption, have been repealed and the DOL’s prior rule defining who is an investment advice fiduciary is restored.



Please note that the Securities and Exchange Commission’s Regulation Best Interest, which requires broker-dealers to act in the best interest of their retail customers when recommending securities transactions or investment strategies to retail clients, is effective as of June 30, 2020. Morgan Stanley has long supported the idea of a uniform best interest standard that would apply to all clients regardless of account type as we believe it reduces client confusion and corresponds with our Core Value of Putting Clients First.


*退休账户意味着任何个人退休账户(“IRA”),Roth IRA,健康储蓄账户,Archer医疗储蓄账户,Archer Medical储蓄账户,埃里萨涵盖的计划,或第4975(E)第4975(1)条所述的计划(a)代码。