In mid-April, the Department of Labor did what many thought to be impossible: it issued a proposed rule that strengthens protections for retirement savers by requiring all financial professionals to put the interests of their customers first, but does so in a way that enables financial professionals who are compensated through sales commissions to comply. By simultaneously closing loopholes in the definition of investment advice under the Employee Retirement Income Security Act (ERISA) and permitting the receipt of sales-based compensation subject to certain conditions, the revised rule proposal effectively addresses the concerns raised by industry regarding the original 2010 proposal while enhancing its investor protection benefits. With the revised rule now out for public comment, this document is designed to answer some of the key questions that have been raised.