---
urn: urn:us-la:rs:11:264
citation: "R.S. 11:264"
status: active
breadcrumb: "Title 11 › Subtitle I › Chapter 4 › Part II › Subpart I"
acts_citations:
  - { year: 1989, number: 64, section: 1, effective_date: null, role: enactment }
  - { year: 2005, number: 9, section: 1, effective_date: 2005-05-27, role: amendment }
---

# Fiduciary relationships

With respect to the systems, plans, and funds governed by this Subpart, each of the following persons shall be deemed to be in a fiduciary relationship with the respective funds:

(1) Any person who exercises any discretionary authority or discretionary control with respect to the management of system funds or assets.

(2) Any person who renders investment advice or services for compensation, direct or indirect, with respect to system funds or assets.