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Compliance June 16, 2015
DOL Announces Hearing About Fiduciary Rule
The announcement also includes the official notice of an
extended comment period.
Reported by Rebecca Moore
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) announced it will hold a public hearing August 10, 11, and 12, and continuing through August 13 (if necessary) to consider issues attendant to adopting a regulation concerning its proposed conflict of interest rule and related proposed prohibited transaction exemptions.
The agency issued its proposed rule in April. Since then, there has been debate about possible unintended consequences of the rule that could hurt, not help, retirement savers.
Almost immediately after the proposal was issued, industry groups called for an extension of the comment period. Last month, the DOL informally announced a 15-day extension.
The current notice formally extends the comment period deadline from July 6 to July 21.
Text of the notice is here.
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