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Text of DOL Proposed Extension of Transition Period and Delay of Applicability Dates for BICE and other PTEs
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] [Official Guidance] Aug. 30, 2017 39 pages. "This document proposes to extend the special transition period under sections II and IX of the Best Interest Contract Exemption and section VII of the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs. This document also proposes to delay the applicability of certain amendments to Prohibited Transaction Exemption 84-24 for the same period.... The Department is particularly concerned that, without a delay in the applicability dates, regulated parties may incur undue expense to comply with conditions or requirements that it ultimately determines to revise or repeal. The present transition period is from June 9, 2017, to January 1, 2018. The new transition period would end on July 1, 2019.... Comments must be submitted on or before [Sept. 15, 2017]." |
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