The so-called DOL “conflict of interest rule for investment advice” — formerly known as the fiduciary redefinition rule — has been delayed until January 2015. The delay was revealed in a May 23 Federal Register posting of the DOL’s semiannual regulatory agenda.
Speaking at a Washington, DC legislative update meeting on May 5, EBSA Director Phyllis Borzi had said that while there is no set date for the redefinition of fiduciary rule, she will not wait forever. A BNA blogger quoted Borzi as saying that she has slowed the process to accommodate further industry input.
“Given the politics and the upcoming elections, this is not a surprise,” NAPA CEO and Executive Director Brian Graff commented. Most insiders had predicted that the rule would not be released before the congressional elections in November.