On June 29, 2017, the Department of Labor (DOL) announced another round of public comment on its fiduciary rule—this time in the form of a Request for Information (RFI). The DOL’s Final Fiduciary Rule was published on April 8, 2016, and became applicable on June 9, 2017.
The RFI seeks input on (a) whether to extend the January 1, 2018, applicability date for parts of the rule that are not yet in effect, and (b) changes to make the rule more workable. The RFI expresses an openness to modifying existing exemptions and adopting new ones. The RFI has two deadlines for submitting comments: 15 days for comments on whether to extend the January 1, 2018, applicability date, and 30 days for other comments. The days are to be counted from when the RFI was published in the Federal Register, which occurred on July 6th. The RFI poses two sets of questions. The first set of questions asks whether an extension of the applicability date beyond January 1, 2018, for full implementation of the Best Interest Contract (BIC) Exemption and Principal Transaction Exemptions would reduce burdens on financial service providers and benefit retirement investors by allowing a more efficient implementation, or whether such a delay would carry any risk.
The RFI has 18 specific questions, all of which are aimed at collecting more information for the DOL’s review of whether and how the fiduciary rule affects retirement investors. The DOL appears to be committed to consumer protection, yet open to constructive feedback regarding its exemptions.
A sample of the questions in the RFI include:
Questions about California’s Fiduciary Laws and Exemptions?
Employers and employees in California with questions about fiduciary rules or investment advisors, should not hesitate to contact an employment lawyer. If you are living in Los Angeles, San Francisco, Sacramento, or San Diego and you have such questions, contact Kingsley & Kingsley to speak with one of our experienced lawyers.
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