The Labor Department's request for information in support of its analysis of the fiduciary rule has been published in the Federal Register.
This means stakeholders have until July 21 to comment on delaying the January 1, 2018 implementation date of the full rule, and until August 7 to submit comments on proposed revisions to the rule.
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Regarding the potential delay of the rule, Labor is seeking input on whether a delay of the January 1, 2018 implementation of the Best Interest Contract Exemption would facilitate innovation of new mutual fund class shares that would comply with the rule's best interest standard. Regulators also want to know if a delay would create risk for retirement investors.
All other comments regarding potential revisions to the rule, which include the prospects of doing away with its contractual requirements, amending its prohibition on class action waivers, and the creation of new, streamlined exemptions to account for product innovations in mutual funds and annuities, are due by August 7.
A client brief from the Groom Law Group says comments can go beyond the specific questions raised in the RFI.
"As with the comments to the Presidential Memorandum earlier this spring, we believe that the RFI responses can serve as a vehicle to comment more broadly than just a response to the specific questions in the RFI and encourage clients to do so," according to the firm's client brief.
A copy of the RFI can be found here. Comments can be submitted electronically at [email protected].
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
