21A Except as otherwise provided in subparagraph B a person is a fiduciary with respect to a plan to the extent i he exercises any discretionary authority or discretionary control respecting management of such plan or exercises any authority or control respecting management or disposition of its assets ii he renders investment advice for a fee or other compensation. The Department responds that the exemption is only necessary and available to fiduciaries who provide investment advice as described in the five-part test.
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The determination of when a particular investment should be sold or otherwise disposed of may be made after considering all relevant factors including overall strategic alternatives tax.
. The definition is based on the entities. We would like to show you a description here but the site wont allow us. Under this definition foreign trusts with corporate trustees acting for different customers including in most cases a private trust company that retains outside investment advisers or receives.
If there is no fiduciary investment advice the exemption would not be applicable or needed. In light of this limitation the Department does not believe any further.
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