As the comment submission deadline rapidly approaches, the Department of Labor continues to receive feedback from financial services professionals and individual investors on the recently proposed 60-day fiduciary rule delay. The comment period ends today at 11:59 p.m. ET.
Earlier this month, the Department of Labor published a proposed rule in the Federal Register to extend the applicability date of the agency’s fiduciary rule for 60 days. The rule is scheduled to begin implementation on April 10th, but will extend to June 9th upon adoption of the new rule.
In the 15-day comment period, the DOL has amassed 565 individual comments and 12 petitions both for and against the controversial rule that attempts to reduce conflicted retirement investment advice and redefines who is considered an investment advice fiduciary.
The DOL said that the proposed extension is intended to give the department time to collect and consider information related to the issues raised in President Trump’s February 3rd memorandum, which directed the DOL to examine the fiduciary rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.
Last Friday, the department issued a temporary enforcement memorandum due to concerns expressed by financial services institutions about the uncertainty surrounding the proposed rule delay.
Comments can be submitted to the Federal eRulemaking Portal at http://www.regulations.gov (Use the regulatory identification number: RIN 1210-AB79) or via email at EBSA.FiduciaryRuleExamination@dol.gov (Include RIN 1210-AB79 in the subject line).