Text of DOL Proposed Rule: 60-Day Extension of Applicability Date for Definition of Fiduciary (Conflict of Interest) Rule and Related PTEs
31 pages. "This document proposes to extend for 60 days the applicability date defining who is a 'fiduciary' under [ERISA] and the Internal Revenue Code ... and the applicability date of related prohibited transaction exemptions including the Best Interest Contract Exemption and amended prohibited transaction exemptions (collectively PTEs) ... The final rule ... was published in the Federal Register on April 8, 2016, became effective on June 7, 2016, and has an applicability date of April 10, 2017. The PTEs also have applicability dates of April 10, 2017. The President by Memorandum [for] the Secretary of Labor, dated February 3, 2017, directed the [DOL] to
examine whether the final fiduciary rule may adversely affect the ability of Americans to gain access to retirement information and financial advice, and to prepare an updated economic and legal analysis concerning the likely impact of the final rule as part of that examination.
This document invites comments on the proposed 60-day delay of the applicability date, on the questions raised in the Presidential Memorandum, and generally on questions of law and policy concerning the final rule and PTEs. The proposed 60-day delay would be effective on the date of publication of a final rule in the Federal Register....
The Department is proposing to delay the applicability date of the final rule and PTEs for 60 days. The Department invites comments on the proposal to extend the applicability date of the final rule and PTEs for 60 days. For this purpose, the comment period will end [15
days after this Proposed Extension is published in the Federal Register]."
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