; and (ii) implements such recommendation with such broker or dealer primarily for personal, family, retirement, or household purposes. (5) Supersession The provisions of this subsection shall supersede and preempt State law, other than a State law that regulates insurance products that are not securities, insofar as they may now or hereafter relate to a broker or dealer, or registered representative of a broker or dealer. (6) Fiduciary status under ERISA, the Internal Revenue Code, the Investment Advisers Act of 1940, or other fiduciary regimes The fact that a person may owe, or may in fact comply with, the standard of conduct under this subsection shall not mean or create any presumption that such person is a fiduciary under the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.), section 4975 of the Internal Revenue Code of 1986, the Investment Advisers Act of 1940 ( 15 U.S.C. 80b et seq.), or any other Federal, State, or local statutory or regulatory fiduciary regime. . (2) Application The amendment made by paragraph (1) shall apply to brokers and dealers (or registered representative) on the date that is 18 months after the date of the enactment of this Act. (b) Rulemaking authority Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to read as follows: 913. Obligations of brokers and dealers and other persons and entities (a) Rulemaking (1) Rulemaking by the Commission The Commission may issue regulations as the Commission determines is necessary to facilitate compliance by brokers and dealers (including their registered representative) with the obligations of such brokers and dealers (and their registered representative) under the second subsection (k) of section 15 of the Securities Exchange Act of 1934 only if such rulemaking does not impose any obligation related to standard of care on a broker or dealer (or its registered representative) that is in addition to, duplicative of, or inconsistent with, the obligations set forth in such subsection.