Like Sooners jumping the rope, the rush is on.
The Department of Labor’s Request for Information regarding the fiduciary rule, and specifically the Best Interest Contract Exemption under Prohibited Transactions, is entered in the Federal Register. It marks the start of the public comment period set to run through July 21, 2017.
Many industry watchers see the RFI as (another) move to delay and/or possibly replace the controversial regulation before it’s January date for full implementation.
The department diplomatically described the fiduciary RFI as an opportunity for the public “to provide data and information that may be used to revise the rule and associated exemptions.”
“The Employee Benefits Security Administration of the U.S. Department of Labor (the Department) is publishing this Request for Information in connection with its examination of the final rule defining who is a ‘fiduciary’ of an employee benefit plan for purposes of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code, as a result of giving investment advice for a fee or other compensation with respect to assets of a plan or IRA (Fiduciary Rule or Rule),” the summary states, employing typical run-on government language.
It adds that the RFI specifically seeks public input that could form the basis of new exemptions or changes/revisions to the rule and Prohibited Transaction Exemptions, and input regarding the advisability of extending the January 1, 2018, applicability date of certain provisions in the Best Interest Contract Exemption.
Comments in response to question 1 (relating to extending the January 1, 2018, applicability date of certain provisions) should be submitted to the Department on or before July 21, 2017. Comments in response to all other questions should be submitted to the department on or before August 7, 2017.
“The Department requests that comments be received within these timeframes to ensure their consideration.”