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. (2) Rulemaking by the Secretary of Labor and the Secretary of the Treasury After the date of the enactment of the PASS Act of 2017, the Secretary of Labor and the Secretary of the Treasury shall not promulgate any regulation under the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.) or section 4975 of the Internal Revenue Code of 1986, respectively, defining the circumstances under which a person is considered a fiduciary that would impose any obligation on a broker or dealer (or its registered representative) or on a life insurer fulfilling the term insurance company as defined in section 3(a)(2) of the Securities Act of 1933 (or its agents or distributors) that is in addition to, duplicative of, or inconsistent with, the obligations set forth in such subsection (k) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o ). (b) Exemption available to certain persons with respect to manufacture or sale of annuities (1) Exemption With respect to the manufacture or sale of annuities within paragraphs (2) or (8) of section 3(a) of the Securities Act of 1933 ( 15 U.S.C. 77c(a) ) or section 989J of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 15 U.S.C. 77c note), a person regulated by a State insurance regulator may rely on the exemptions in section 408(b)(21) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1108(b)(21) ) and section 4975(d)(24) of the Internal Revenue Code of 1986 (as added by the PASS Act of 2017) only if— (A) such person adopts and implements practices on a nationwide basis for the sale of annuity contracts that meet or exceed the minimum requirements set forth in the second subsection (k) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o ) and such