Sec. 502. Fiduciary obligations
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/bill/116/s/2155/is/section-502A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 401(b)(1) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1101(b)(1) ) is amended— by inserting or a private fund (as defined in section 3 of the before Stop Wall Street Looting Act ) , the assets ; and by inserting or such private fund, as applicable before the period at the end. Section 211(h) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–11(h) ) is amended— in paragraph (1), by striking and at the end; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following: promulgate rules that prohibit an investment adviser from requiring any person to which the investment adviser provides investment advice, including a pension plan (as defined in section 3 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002 )) that is subject to title I of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.), to, as a condition of the investment adviser providing that advice, sign a contract or other agreement in which that person waives a fiduciary duty owed by that person to another person. .
The general partner of a private fund may not provide any term or benefit to any limited partner of the fund unless the general partner provides that term or benefit to all limited partners of the fund.
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- 15 USC 80b–11(h)
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