Comment Period on DOL Fiduciary Reg RFI Open
The comment period on the fiduciary rule request for information (RFI) is short — and it started July 6.
The Department of Labor’s (DOL) Employee Benefit Security Administration (EBSA) announced that it would publish its request for information on the fiduciary rule in the Federal Register
on Thursday, July 6
, starting the official comment period on whether to delay part of the rule.
The DOL issued its request for comments on a potential delay in the Jan. 1, 2018, applicability date of certain provisions of the fiduciary regulation late last week. The RFI indicated the DOL was looking for “public input that could form the basis of new exemptions or changes/revisions to the rule and prohibited transaction exemptions (PTEs), as well as input regarding the advisability of extending the Jan. 1, 2018, applicability date of certain provisions in:
- the Best Interest Contract Exemption;
- the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs; and
- Prohibited Transaction Exemption 84-24.
When that window opens on July 6, there will only be 15 days to comment on extending the Jan. 1, 2018, applicability date of certain provisions, while responses on the other questions are to be submitted to the Labor Department within 30 days. Last week the U.S. Chamber of Commerce asked for
more time to respond to the RFI, specifically questions 2 through 18. In a letter to the DOL, the Chamber said that the short response window “…will inhibit the ability of commenters to gather meaningful data that is responsive to the questions posed in the RFI,” requesting that the DOL extend the comment period for these questions to 60 days.