11.08.23

Trade Groups Press DOL To Extend Fiduciary Rule Comment Period

by: Melanie Waddell

A group of 18 financial services trade associations asked the U.S. Department of Labor (DOL) to extend the 60-day comment period on its new fiduciary rule, the Retirement Security Rule and amendments to the prohibited transaction exemptions. The proposed rule “will require significantly more time for meaningful analysis and comment,” the group said, noting that members need more time “to understand how this proposal would impact access and choice for retirement savers.” Groups signing the letter include the Financial Services Institute, the Securities Industry and Financial Markets Association, the American Benefits Council, the American Bankers Association and the American Council of Life Insurers. As it now stands, public comments on the fiduciary rule are due Jan. 2.

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