The Office of Management and Budget says it has concluded its review of a requested review in the delay of the applicability date of the fiduciary regulation.
A posting on the OMB’s executive order review site indicates that the delay review has been “concluded.” On Feb. 9, the Labor Department’s Employee Benefit Security Administration (EBSA) had sent documents to OMB for approval. At the time, published reports indicated that those documents included a proposed rulemaking that delays the fiduciary regulation’s April 10 applicability for 180 days.
Over the past couple of weeks, OMB had scheduled meetings with a number of constituencies, many of which have been strong advocates for the fiduciary regulation.
Needless to say, caution remains the order of the day. And that pending delay – if, in fact, it is pending – won’t be official until a notice and comment period have passed.