DOL Denies Request to Prolong Fiduciary Rule Remark Interval

Eighteen monetary providers commerce teams pressed the division on Nov. 8 to increase the 60-day remark interval on its new fiduciary rule, the Retirement Safety Rule, and amendments to the prohibited transaction exemptions, because the plan “makes important and unanticipated adjustments to the present regulatory framework.”

EBSA, Gomez informed SIFMA, “stays dedicated to receiving public feedback and appears ahead to the listening to, which shall be held nearly,” starting on Dec. 12.

Moreover, Gomez stated, “one advantage of holding the general public listening to earlier than the remark interval closes is that the testimony will inform the feedback EBSA receives. EBSA encourages all events to testify, watch the digital listening to, and reply to, make clear, and emphasize factors which can be made in the course of the listening to when submitting their feedback” by the January deadline.

Lisa Bleier, managing director and affiliate common counsel at SIFMA, informed ThinkAdvisor Wednesday in a press release that SIFMA is “very disillusioned that the Division didn’t present an extension of time to remark because the Division has had a number of years to work on this new proposal, but they’ve given us solely 39 enterprise days to remark.”

Labor’s proposal, Bleier stated, “may essentially alter how particular person retirement savers get entry to recommendation, whereas presumably creating a number of requirements and confusion for buyers. This proposal requires cautious evaluation and consideration — and the Division speeding the method will solely hurt particular person buyers.”

Wayne Chopus, president and CEO of the Insured Retirement Institute in Washington, stated Wednesday in a press release that “the Biden Administration’s rejection of an affordable request to increase the time for all stakeholders to touch upon a proposed rule that we all know will trigger hurt to thousands and thousands of retirement savers is disconcerting and irritating. Equally unsettling is the choice to maneuver a public listening to date forward by practically every week.”

The Dec. 12 listening to, Chopus continued, can also be “the fifth day of Hanukkah. Public hearings are sometimes held after an company receives feedback, with extra time for stakeholders to append their enter after the listening to.”

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