11.15.23

DOL Denies Request To Extend Fiduciary Rule Comment Period

by: Melanie Waddell

In a letter to the Securities Industry and Financial Markets Association (SIFMA), the U.S. Department of Labor (DOL) said that it would not adhere to a request by industry trade groups to delay the comment period of the DOL's new fiduciary rule. Lisa Gomez, assistant secretary of labor at the DOL's Employee Benefits Security Administration (EBSA), wrote, “EBSA believes that its current proposal reflects significant input it has received from public engagement with this project since 2010 and looks forward to another robust comment period, public hearing, vigorous public debate and stakeholder meetings.” A public hearing will be held Dec. 12 and the comment period expires Jan. 2. Eighteen financial services trade groups, including SIFMA, pressed the DOL on Nov. 8 to extend the 60-day comment period on the Retirement Security Rule and amendments to the prohibited transaction exemptions, as the plan “makes significant and unanticipated changes to the current regulatory framework.”

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