Page:United States Statutes at Large Volume 120.djvu/987

 120 STAT. 956

PUBLIC LAW 109–280—AUG. 17, 2006 ‘‘(viii) that a recipient of the advice may separately arrange for the provision of advice by another adviser, that could have no material affiliation with and receive no fees or other compensation in connection with the security or other property, and ‘‘(B) at all times during the provision of advisory services to the participant or beneficiary, the fiduciary adviser— ‘‘(i) maintains the information described in subparagraph (A) in accurate form and in the manner described in paragraph (8), ‘‘(ii) provides, without charge, accurate information to the recipient of the advice no less frequently than annually, ‘‘(iii) provides, without charge, accurate information to the recipient of the advice upon request of the recipient, and ‘‘(iv) provides, without charge, accurate information to the recipient of the advice concerning any material change to the information required to be provided to the recipient of the advice at a time reasonably contemporaneous to the change in information. ‘‘(7) OTHER CONDITIONS.—The requirements of this paragraph are met if— ‘‘(A) the fiduciary adviser provides appropriate disclosure, in connection with the sale, acquisition, or holding of the security or other property, in accordance with all applicable securities laws, ‘‘(B) the sale, acquisition, or holding occurs solely at the direction of the recipient of the advice, ‘‘(C) the compensation received by the fiduciary adviser and affiliates thereof in connection with the sale, acquisition, or holding of the security or other property is reasonable, and ‘‘(D) the terms of the sale, acquisition, or holding of the security or other property are at least as favorable to the plan as an arm’s length transaction would be. ‘‘(8) STANDARDS FOR PRESENTATION OF INFORMATION.— ‘‘(A) IN GENERAL.—The requirements of this paragraph are met if the notification required to be provided to participants and beneficiaries under paragraph (6)(A) is written in a clear and conspicuous manner and in a manner calculated to be understood by the average plan participant and is sufficiently accurate and comprehensive to reasonably apprise such participants and beneficiaries of the information required to be provided in the notification. ‘‘(B) MODEL FORM FOR DISCLOSURE OF FEES AND OTHER COMPENSATION.—The Secretary shall issue a model form for the disclosure of fees and other compensation required in paragraph (6)(A)(iii) which meets the requirements of subparagraph (A). ‘‘(9) MAINTENANCE FOR 6 YEARS OF EVIDENCE OF COMPLIANCE.—The requirements of this paragraph are met if a fiduciary adviser who has provided advice referred to in paragraph (1) maintains, for a period of not less than 6 years after the provision of the advice, any records necessary for determining whether the requirements of the preceding provisions of this

VerDate 14-DEC-2004

10:20 Jul 12, 2007

Jkt 059194

PO 00001

Frm 00954

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL001.109

APPS06

PsN: PUBL001

�