Department of Labor Fiduciary Rule Update

In March 2018, the Fifth Circuit Court of Appeals vacated the U.S. Department of Labor ‘s final 2016 regulation under Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) on “investment advice fiduciary” status with the result that prior existing regulations now govern “investment advice” status under ERISA and Section 4975 of the Internal Revenue Code of 1986, as amended (“Code”).

If you are or are acting on behalf of one or more accounts subject to Title I of ERISA or Section 4975 of the Code, except to the extent expressly agreed upon in writing with Deutsche Bank AG or its affiliates with respect to our Corporate & Investment Banking products and services (collectively “DB,” “us” or “we,”), no information provided by DB may be considered investment advice with respect to our Corporate & Investment Banking products and services and no such information may be relied upon as advice that forms or may form a primary basis for any investment decision with respect to our Corporate & Investment Banking products and services. DB does not undertake to provide impartial advice or, for that matter, give advice in any fiduciary capacity with respect to our Corporate & Investment Banking products and services and any information provided by DB with respect to those products and services is on the basis that you understand that it is not tailored to your individual circumstances and that DB is not acting as a fiduciary under Title I of ERISA or Section 4975 of the Code.