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Comment Period on DOL Fiduciary Rule RFI Opens July 6

The comment period on the fiduciary rule request for information (RFI) is short – just 15 days – and we now know when it begins: Thursday, July 6.

Politico Pro reports that the Labor Department plans to publish its request for information on the fiduciary rule in the Federal Register on July 6, starting the official comment period on whether to delay part of the rule.

The Labor Department issued its request for comments (RFI) on a potential delay in the Jan. 1, 2018, applicability date of certain provisions of the fiduciary regulation late last week. The RFI indicated the Labor Department was looking for “public input that could form the basis of new exemptions or changes/revisions to the rule and prohibited transaction exemptions (PTEs), as well as input regarding the advisability of extending the Jan. 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.

Short Window

When that window opens on July 6, there will only be 15 days to comment on extending the Jan. 1, 2018, applicability date of certain provisions, while responses on the other questions are to be submitted to the Labor Department within 30 days. Last week the U.S. Chamber of Commerce asked for more time to respond to the RFI, specifically questions 2 through 18. In a letter to the Labor Department, the Chamber said that the short response window “…will inhibit the ability of commenters to gather meaningful data that is responsive to the questions posed in the RFI,” requesting that the Labor Department extend the comment period for these questions to 60 days.