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The DOL’s New Prohibited Transaction Exemption (PTE) for Plans and IRAs; Yes, it’s finally here! (IA/BD)

May 18, 2021
3:15 PM - 4:15 PM EDT
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Course Description:

In February 2021 the DOL announced that PTE 2020-02 would become effective on February 16. The PTE, designed to replace the late, unlamented fiduciary rule from 2016, sets down the requirements for providing advice to ERISA plans and to IRAs. The PTE confirms the reinstatement of the five-part test for determining whether a person renders investment advice and defined the “impartial conduct standards” that are now a baseline for ERISA and IRA fiduciaries. The rule has far-reaching implications for firms recommending IRA rollovers, engaging in principal transactions, and more. This session will provide a foundation for understanding the new PTE and will include key concepts and definitions needed to identity potential compliance issues when working with retirement assets and investors.

Learning Objectives

After attending this session, you should be able to:

  • Analyze the basic requirements of the new PTE
  • Determine when a firm becomes an investment advice fiduciary and what is required
  • Re-evaluate your procedures for providing advice, making disclosures, and keeping required records

This virtual course is being taught as part of the Spring 2021 Virtual Compliance Conference. To learn more, visit our main conference webpage.

Rob Stirling
Executive ConsultantNRS


Rob Stirling has worked with NRS for much of the past four decades: from October 1991 to June 2000, from May 2002 to June 2004, on a part-time basis starting in December 2007, and returning full-time in August 2008. Rob is based in Miamisburg Ohio.

Rob has prepared, reviewed and/or updated hundreds of ADVs representing firms of all sizes and engaged in every aspect of investment advisory services. He has helped design and monitor specialized compliance programs for advisers based in Europe and Asia doing business in the United States and for Internet-based advisers. He regularly reviews advertising and marketing materials, including websites, for compliance with SEC guidelines. Rob has performed well over two hundred mock examinations of advisory firms, and he has spoken at numerous compliance conferences and seminars.

During his times away from NRS, Rob was himself a compliance officer. Rob was Chief Compliance Officer of PrivateAccounts, Inc. from July 2000 to October 2000; when that firm was purchased by E*TRADE Financial, Rob worked at E*TRADE as a Compliance Manager from November 2000 to May 2002. Rob was Chief Compliance Officer and General Counsel of Eubel Brady & Suttman Asset Management, Inc. from June 2004 through July 2008.

Rob earned a BA in Religion from the American University and a JD from the University of Connecticut School of Law. Rob has been admitted to the Connecticut Bar.


Robert L. Sichel
PartnerK&L Gates


Robert Sichel is a partner in the firm’s New York office, where he is a member of the investment management practice group and oversees the ERISA fiduciary practice. Robert helps financial institutions and retirement plan sponsors navigate the complexities of ERISA and the Internal Revenue Code. Robert’s practice focuses on advising investment managers, consultants, and broker-dealers on the fiduciary responsibility and prohibited transaction rules of ERISA; assisting investment managers with drafting and implementing policies and procedures; providing training and compliance advice with respect to prohibited transaction exemptions; and drafting and negotiating investment management agreements, fund documents, side letters and trading-related agreements (e.g., ISDAs, clearing agreements, futures agreements, securities lending agreements and prime brokerage agreements) on behalf of financial institutions, investment managers and institutional investors. Robert also counsels sponsors of defined benefit and defined contribution plans on investment matters, governance, de-risking and the handling of service providers.

PROFESSIONAL BACKGROUND

Prior to joining K&L Gates, Robert was general counsel of a $20 billion registered investment adviser, where he led a team of legal, compliance and risk professionals. He has also served as internal ERISA counsel for two global investment banks where he advised a variety of businesses, including retail, institutional asset management, derivatives, prime brokerage, and structured products.


Amber L. Tatman
Senior Consultant, Investment Adviser and Broker-Dealer ServicesNRS


Amber joined NRS in 2014 as a Consultant in Investment Adviser and Broker-Dealer Services. Amber provides consulting services on a wide variety of regulatory issues regarding the Investment Advisers Act, FINRA Rules and other federal and state securities and insurance regulations and delivers comprehensive compliance solutions to investment advisers and broker-dealers.

Amber has over 20 years of wide-ranging experience in the financial services industry including compliance, supervision, trading, operations, training, management, and development. Immediately prior to joining NRS, Amber was Director of Network Office Supervision with Northwestern Mutual for twelve years.

Amber earned her Bachelor of Arts degree in Economics from Vanderbilt University, her Juris Doctor degree from the Indiana University’s Robert H. McKinney School of Law, and is a member of the Indiana state bar. She obtained her MBA after completing course work at Butler University and WGU-Indiana. She holds the Chartered Life Underwriter (CLU®) and Chartered Financial Consultant (ChFC®) designations from The American College, the Certified Financial Planner™ (CFP®) designation, and the Certified Regulatory and Compliance Professional (CRCP™) designation from the Wharton School’s FINRA Institute. She regularly speaks at conferences and webinars and writes on topics related to the financial industry.


For Whom: Designed to increase the professional competence of Investment Advisers and Broker-Dealers.

Suggested Skill Level: Intermediate

Maximum Recommended Credit Hours for this session will include CLE, CFP, IACCP® and CPE.

CA MCLE = 60 minutes
CFP = TBD
IACCP® = 60 minutes
CPE = 60 minutes

For more information, check out the NRS Continuing Education Guide.