You have an extra two weeks to complain about, or praise, or make suggestions for, the big fiduciary redefinition proposal that has Washington folk and industry insiders alike all abuzz.
On Friday afternoon the U.S. Department of Labor (DoL
) extended the initial comment period by 15 days for its fiduciary redefinition proposal, pushing the initial comment period length up to 90 days total. A spokesman for the DoL confirms that the regulatory agency expects the total comment time for the proposed reg to now reach more than 140 days in total, when the public hearing (following the initial period) and the post-hearing comment period are factored in.
The DoL has been working on (and fighting with Congress and others over, with journalists keeping tabs
) the redefinition for years, and this version was proposed
a month ago. The proposed reg has a lot of moving parts, notably including a new "best-interest contract exemption" that would allow financial advisors working with 401(k) plans or IRA rollovers to use non-level compensation models (i.e. commissions) as long as the FAs promise, in contracts given to their clients, to act only in their clients' best interests. The debate over the proposal came up earlier at this month at the ICI's GMM: ICI chief Paul Schott Stevens even asked
SEC Chair Mary Jo White about the DoL's proposal.
Stay ahead of the news ... Sign up for our email alerts now