Page:United States Statutes at Large Volume 120.djvu/995

 120 STAT. 964

PUBLIC LAW 109–280—AUG. 17, 2006 ‘‘(V) an affiliate of a person described in any of subclauses (I) through (IV), or ‘‘(VI) an employee, agent, or registered representative of a person described in subclauses (I) through (V) who satisfies the requirements of applicable insurance, banking, and securities laws relating to the provision of the advice. For purposes of this title, a person who develops the computer model described in subparagraph (C)(ii) or markets the investment advice program or computer model shall be treated as a person who is a fiduciary of the plan by reason of the provision of investment advice referred to in subsection (e)(3)(B) to the participant or beneficiary and shall be treated as a fiduciary adviser for purposes of this paragraph and subsection (d)(17), except that the Secretary of Labor may prescribe rules under which only 1 fiduciary adviser may elect to be treated as a fiduciary with respect to the plan. ‘‘(ii) AFFILIATE.—The term ‘affiliate’ of another entity means an affiliated person of the entity (as defined in section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a)(3))). ‘‘(iii) REGISTERED REPRESENTATIVE.—The term ‘registered representative’ of another entity means a person described in section 3(a)(18) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(18)) (substituting the entity for the broker or dealer referred to in such section) or a person described in section 202(a)(17) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(17)) (substituting the entity for the investment adviser referred to in such section).’’. (3) DETERMINATION OF FEASIBILITY OF APPLICATION OF COM-

26 USC 4975 note.

PUTER MODEL INVESTMENT ADVICE PROGRAMS FOR INDIVIDUAL RETIREMENT AND SIMILAR PLANS.— (A) SOLICITATION OF INFORMATION.—As soon as prac-

ticable after the date of the enactment of this Act, the Secretary of Labor, in consultation with the Secretary of the Treasury, shall— (i) solicit information as to the feasibility of the application of computer model investment advice programs for plans described in subparagraphs (B) through (F) (and so much of subparagraph (G) as relates to such subparagraphs) of section 4975(e)(1) of the Internal Revenue Code of 1986, including soliciting information from— (I) at least the top 50 trustees of such plans, determined on the basis of assets held by such trustees, and (II) other persons offering computer model investment advice programs based on nonproprietary products, and (ii) shall on the basis of such information make the determination under subparagraph (B). The information solicited by the Secretary of Labor under clause (i) from persons described in subclauses (I) and (II) of clause (i) shall include information on computer

VerDate 14-DEC-2004

10:20 Jul 12, 2007

Jkt 059194

PO 00001

Frm 00962

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL001.109

APPS06

PsN: PUBL001

�