1. Short title This Act may be cited as the Protecting Advice for Small Savers Act of 2017 or the PASS Act of 2017 . 2. Repeal of Department of Labor Fiduciary Rule The final rule of the Department of Labor titled Definition of the Term Fiduciary Conflict of Interest Rule—Retirement Investment Advice and related prohibited transaction exemptions published April 8, 2016 (81 Fed. Reg. 20946), shall have no force or effect. 3. Standards of conduct for brokers and dealers (a) Standard of conduct for brokers and dealers when making recommendations to retail customers (1) In general The second subsection (k) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(k) ) (relating to standards of conduct) is amended to read as follows: (k) Standard of conduct for recommendations to retail customers (1) In general The standard of conduct for a broker or dealer (or registered representative) when providing recommendations to a retail customer is as follows: (A) Recommendation to retail customer When a broker or dealer (or registered representative) makes a recommendation to a retail customer, the recommendation shall be in the retail customer’s best interest at the time it is made by— (i) reflecting reasonable diligence; and (ii) reflecting the reasonable care, skill, and prudence that a broker or dealer (or registered representative) would exercise based on the customer’s investment profile. (B) Disclosure to retail customer (i) In general Before a broker or dealer (or registered representative) executes a transaction for the first time for each retail customer based on a recommendation to such retail customer, such broker or dealer (or registered representative) shall disclose prior to the point of sale to such customer, in a clear and concise manner— (I) the type and scope of services the broker or dealer (or registered representative) provides; (II) the standard of conduct that applies to the relationship; (III) the types of compensation the broker or dealer (or registered representative) receives