The U.S. Department of Labor submitted a proposal to the Office of Management and Budget to delay the applicability of several important provisions of the Fiduciary Rule.
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At a hearing before the House Financial Services Subcommittee on Capital Markets, Securities, and Investment, several industry groups called for repeal of the DOL Fiduciary Rule and expressed support for a proposed "standards of conduct" bill.
The Investment Adviser Association urged the DOL to extend a temporary enforcement policy related to a Prohibited Transaction Exemption for fiduciaries under ERISA and the Internal Revenue Code.
The Investment Company Institute ("ICI") voiced concerns regarding the Department of Labor's rule proposal defining the term "fiduciary" under ERISA. The ICI called the proposed rule "unworkable." In two more of what has been a series of comment letters, ICI raised numerous areas of concern including: the proposal would restrict the ability of investors to get the basic information they need to make informed investment choices – for example, by leaving key terms ambiguous and by revising current law to restrict the type of investment education that can be provided without triggering fiduciary
The Investment Company Institute criticized a State of California final feasibility report recommending the establishment of state-run, tax-advantaged, retirement investment plans for workers who do not have access to an employer-sponsored retirement savings plan.