- The Final Rule: The Fifth Request for Public Comments
- June 30, 2017 | Authors: S. Lawrence Polk; Steuart H. Thomsen; Nicholas T. Christakos; Cynthia R. Shoss; Bruce M. Bettigole; Adam B. Cohen; Wilson G. Barmeyer; Brian L. Rubin; Eric A. Arnold; W. Mark Smith; Thomas W. Curvin; Allison E. Wielobob; Olga Greenberg; Michael R. Nelson; Dodie C. Kent; Stephen E. Roth; Clifford E. Kirsch; Vanessa A. Scott; Michael B. Koffler; Holly H. Smith; Susan S. Krawczyk; Phillip E. Stano; Ben Marzouk; Gail L. Westover; Carol T. McClarnon; Mary Jane Wilson-Bilik
- Law Firms: Eversheds Sutherland (US) LLP - Washington Office; Eversheds Sutherland (US) LLP - New York Office; Eversheds Sutherland (US) LLP - Atlanta Office; Eversheds Sutherland (US) LLP - Washington Office; Eversheds Sutherland (US) LLP - New York Office; Eversheds Sutherland (US) LLP - Atlanta Office; Eversheds Sutherland (US) LLP - Washington Office
On June 29, 2017, the Department of Labor released a request for information, seeking public comments yet again on its new “investment advice” fiduciary definition and related exemptions which became applicable on June 9.
- This is the fifth request for public comments under the Administrative Procedure Act since DOL undertook this rulemaking in October 2010, and the second in the last four months.
- There could be a sixth iteration later this year, in connection with any proposed changes to the Final Rule and/or delay of the January 1, 2018, date for compliance with the full conditions of the Best Interest Contract Exemption, the Principal Transaction Exemption and PTE 84-24.
- In addition, on June 1, US Securities and Exchange Commission Chair Jay Clayton issued a statement requesting comments on the standard of conduct under the securities laws that should be applicable to investment advisers and broker-dealers serving retail investors, which includes retirement investors.
For more resources and commentary regarding the expanded DOL Fiduciary Rule, visit Eversheds Sutherland's www.dolfiduciaryrule.com.