You may have seen that the DOL recently released 34 FAQs, most of which deal with the BIC. Perhaps you were still under the impression that a BIC was an ink pen or lighter. In this context, “BIC” (or “BICE”) is an acronym for “Best Interest Contract Exemption.” When the DOL rule goes into effect in April, a prohibited transaction will occur when you move qualified funds into a commission-based financial product. DOL will only allow it if you satisfy the requirements of an exe