Amendment: The Commentary to §2E5.2 captioned "Application Notes" is amended in Note 1 by deleting "had a fiduciary obligation under the Employee Retirement Income Security Act" and inserting in lieu thereof "was a fiduciary of the benefit plan"; and by deleting "would" and inserting in lieu thereof "will".
The Commentary to §2E5.2 captioned "Application Notes" is amended by deleting Note 2 as follows:
"2. ‘Fiduciary of the benefit plan’ is defined in 29 U.S.C. § 1002(21)(A) to mean a person who exercises any discretionary authority or control in respect to the management of such plan or exercises authority or control in respect to management or disposition of its assets, or who renders investment advice for a fee or other direct or indirect compensation with respect to any moneys or other property of such plan, or has any authority or responsibility to do so, or who has any discretionary authority or responsibility in the administration of such plan.";
by inserting the text of former Note 2 as the last sentence of Note 1; and, in the caption, by deleting "Notes" and inserting in lieu thereof "Note".
Reason for Amendment: This amendment makes an editorial improvement in the language of this commentary.
Effective Date: The effective date of this amendment is November 1, 1991.