The Department of Labor ("DOL") recently released its re-proposal of the crucial regulation that defines who is a fiduciary in connection with giving investment advice. The re-proposed rule takes the place of the withdrawn 2010 proposal and provides a broader definition that captures a wider swath of investment advice relationships. Under the re-proposed rule, a fiduciary for purposes of providing investment advice is one who receives compensation for advising a plan, fiduciary, participant, beneficiary, IRA or IRA owner about certain investment matters. Compensation in this context is very broadly defined as any fee/compensation from any source. Despite several "carve-outs" to the rule that exclude certain relationships from fiduciary status, a robust comment period is expected.