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Employee Benefits Security Administration


EBSA News Release: March 28, 2011
Contact Name: Mike Trupo or Jason Surbey
Phone Number: 202.693.3414 / 202.693.4668

US Department of Labor publishes public hearing transcript regarding proposed regulation on definition of fiduciary

WASHINGTON – The U.S. Department of Labor's Employee Benefits Security Administration announced today that they have posted online the transcript from the public hearing on defining when a person is deemed a "fiduciary" by reason of giving investment advice for a fee under the Employee Retirement Income Security Act. The transcript is posted on EBSA's webpage at and has been placed in EBSA's Public Disclosure Room.

As previously announced, EBSA is extending the time for submission of public comments on testimony presented at the March 1-2, 2011, public hearing to increase public participation in the regulatory process in accordance with Executive Order 13563. Interested parties are encouraged to respond regarding the comments, arguments, and information presented or submitted in connection with the hearing (or with respect to any of the previously filed public comments) on this significant regulatory initiative. The public hearing record will close on April 12, 2011, which is 15 days after the date the hearing transcript was posted.

Comments can be submitted electronically to with subject line: Public Hearing on Definition of Fiduciary, or, on paper to EBSA's Office of Regulations and Interpretations, Attn: Public Hearing on Definition of Fiduciary, Room N-5655, U.S. Department of Labor, 200 Constitution Ave. NW, Washington, DC, 20210. Warning: Do not include any personally identifiable information (such as name, address, or other contact information) or confidential business information that you do not want publicly disclosed. All comments may be posted on the Internet and can be retrieved by most Internet search engines. Comments may be submitted anonymously.

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U.S. Department of Labor releases are accessible on the Internet at The information in this news release will be made available in alternate format (large print, Braille, audio tape or disc) from the COAST office upon request. Please specify which news release when placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department is committed to providing America’s employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit