Monday, February 20, 2017
DOL/EBSA Proposes Extending Compliance/ Applicability Date For Fiduciary Rule and Related Exemptions From April 10, 2017 To June 9, 2017
DOL/EBSA Proposes Extending Compliance/ Applicability
Date For Fiduciary Rule and Related Exemptions From April 10, 2017 To June 9, 2017
The Trump administration is going to review whether or not the Fiduciary rule as created by the Obama administration should go into effect. On February 3, 2017, the President issued a memorandum directing the DOL/EBSA to examine the Fiduciary rules and the new and revised prohibited transaction exemptions to determine if such changes are not cost effective and may actually result in Americans having reduced access to retirement information, financial advice and investments.
The new definition of fiduciary was to go into effect as of April 10, 2017, as were various prohibited transaction exemptions.
The DOL/EBSA has formally issued a notice that it is proposing that the fiduciary applicability date be changed to be June 9, 2017, rather than April 10, 2017. Other applicability dates are also extended. This proposal is being published in the Federal Register on March 2, 2017, in order to allow the "new" DOL/EBSA to collect additional information and review it before the new Fiduciary rules go into effect and decide if changes in the Obama rules are warranted.
Comments on the subject of the proposed extension must be submitted by March 17, 2017 (a Friday). This is 15 days following its publication.
Comments on the subjects raised in the presidential memorandum must be submitted by April 17, 2017 (a Monday). This is 46 days following its publication as the 45th day is a Sunday and so the deadline is the following Monday. Comment submissions must include the agency name (Department of Labor/Employee Benefits Security Administration) and the Regulatory Identification Number (RIN) of RIN 1210- AB79. Submitters are encouraged to use one of the electronic submission options rather than submitting a paper submission. These comments will be available to the public.
Comments may be submitted using one of the following methods.
1. Send an email to: EBSA.FiduciaryRule- Examination@dol.gov. In the subject line of your email include RIN 1210-AB79.
2. Go to the Federal eRulemaking portal and follow the instructions for submitting comments. The portal is located at: (http:/www.regulations.gov).
3. Mail your written comments to: Office of Regulations and Interpretations, Employee Benefits Security Administration, Room N-5655, U.S. Department of Labor, 200 Constitution Avenue NW, WASHINGTON, DC 20210, Attention: Fiduciary Rule Examination. The 15 day and 45 day submission deadlines will require an individual to act promptly. We expect there will be many comment submissions.