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#2120040 - 03/01/17 04:54 PM Labor proposing to delay Fiduciary Rule by 60 days
John Burnett Offline
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John Burnett
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The Department of Labor's Employee Benefits Security Administration will publish in tomorrow morning's Federal Register a proposal to extend for 60 days the April 10, 2017, applicability date defining who is a “fiduciary” under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code of 1986 (Code), and the applicability date of related prohibited transaction exemptions including the Best Interest Contract Exemption and amended prohibited transaction exemptions collectively PTEs) to address questions of law and policy. The proposed delay would be to afford the Labor Department time to examine "whether the fiduciary rule may adversely affect the ability of Americans to gain access to retirement information and financial advice," and to prepare an updated economic and legal analysis concerning the likely impact of the final rule as part of that examination, all as required by a Presidential Memorandum to the Secretary of Labor. The comment period on the proposal to delay the applicability date will run for 15 days, through Friday, March 17, 2017.
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#2120165 - 03/02/17 12:36 PM Re: Labor proposing to delay Fiduciary Rule by 60 days John Burnett
Elwood P. Dowd Offline
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#2131464 - 05/23/17 01:46 PM Re: Labor proposing to delay Fiduciary Rule by 60 days John Burnett
Getting_Grayer Offline
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Any further discussion whether this will affect bank IRA products? There has been "talking" about clarification from DOL whether bank IRA products are exempt due to an IRS regulation. However, there has been banter back and forth whether the exemption applies. Have not seen any FAQs regarding this issue, but I could have missed it. Anything?

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#2131559 - 05/23/17 07:01 PM Re: Labor proposing to delay Fiduciary Rule by 60 days John Burnett
John Burnett Offline
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John Burnett
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I haven't seen anything from Labor on this since the extension June 9.
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#2131560 - 05/23/17 07:02 PM Re: Labor proposing to delay Fiduciary Rule by 60 days John Burnett
John Burnett Offline
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John Burnett
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I haven't seen anything from Labor on this since the extension to June 9.

Whoa! I somehow missed the fact that Labor released a new set of FAQs on the "phased-in" implementation of the Fiduciary Rule, beginning at midnight, Friday, June 9. There's a blurb about it in our Top Stories on May 24. Click on https://www.bankersonline.com/topstory/154937,
Last edited by John Burnett; 05/24/17 11:56 AM. Reason: Update
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John S. Burnett
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#2131763 - 05/24/17 06:47 PM Re: Labor proposing to delay Fiduciary Rule by 60 days Getting_Grayer
el guapo Offline
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The regulation is not product specific, but instead based on certain actions. Specifically, the action of providing investment advice in exchange for compensation in a manner that would violate the prohibited transaction rules (now to be interpreted to include protections from conflicts of interest). The question banks need to ask themselves is 1) are we providing investment advice? 2) if yes, is it in exchange for compensation in a manner that would violate the prohibited transaction rules?

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