Regulatory Outlook | 04.28.21
New DOL Fiduciary Rule Creating 'Regulatory Whiplash': Attorneys
The DOL is setting up “regulatory whiplash” and huge compliance costs by requiring retirement advisors to comply with a new fiduciary prohibited transaction exemption that it plans to eventually amend, attorneys at Eversheds Sutherland warn. In a recently released FAQ, Labor “is serving notice that, absent unanticipated circumstances, it will proceed with each of the specified actions, either through rulemakings or subregulatory guidance as administrative law requires,” the Eversheds attorneys state. While “it was commendable of DOL to provide advance warning of what apparently will be yet another controversial proposal …” they write, “there is much to be concerned about in the FAQs.”
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