DOL Requests Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions

On July 6, 2017, the Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) published a Request for Information in connection with its examination of the final rule defining who is a “fiduciary” of an employee benefit plan as a result of giving investment advice for a fee or other compensation with respect to assets of a plan or IRA (the “Fiduciary Rule”). The Request for Information specifically seeks public input that could form the basis of new exemptions or changes/revisions to the rule and Prohibited Transaction Exemptions (PTEs), and input regarding the advisability of extending the January 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.

Comments are due August 7, 2017 and may be submitted here.

Advocacy contact: Dillon Taylor at 202-401-9787.

Date: 
Monday, July 24, 2017