On April 6, the DOL issued final regulations modifying the definition of “fiduciary.” The new rules redefine who is considered a “fiduciary” for ERISA plans and for certain other plans such as IRAs. Although the rules expand the definition of fiduciary in several respects, the final rule contains various exemptions from the term “fiduciary.” Additionally, the DOL modified or released supplementary exemptions, such as the Best Interest Contract Exemption. The new rules generally become effective on April 10, 2017 with some aspects not fully effective until January 1, 2018.