On June 29, 2020, the Department of Labor formally reinstated the pre-2016 fiduciary rule regulations and issued a notice proposing a new prohibited transaction exemption that would apply to investment advice fiduciaries that receive certain types of compensation or engage in principal transactions that would otherwise be impermissible under the self-dealing restrictions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. The proposed exemption would require investment advice fiduciaries to satisfy “impartial conduct standards” and comply with additional disclosure, documentation and monitoring requirements.