Today, the Labor Department (DOL) filed with the Office of Management and Budget (OMB) to officially delay the controversial fiduciary rule. See below a statement from Ropes & Gray tax & benefits partner, Josh Lichtenstein on the topic followed by ThinkAdvisor piece on the matter.
Statement from Josh Lichtenstein:
The long awaited 18-month delay of the DOL’s fiduciary rule has been submitted to OMB for their review. The filing with OMB confirms that the process for the delay remains on-going as we approach the January 1 compliance date for the full requirements of the Best Interest Contract exemption (BIC). The November 1 submission date leaves open the possibility that the delay may not be published by year end, which may contribute to the uncertainty that many institutions are already experiencing while the fate of the January 1 compliance date remains unsettled. While there are no indications that the DOL or IRS intend to issue transition relief in the event that the final delay is not published and effective before January 1, it is possible that one or both agencies may provide additional guidance on this issue, as they did before the initial 60-day delay earlier this year.
ThinkAdvisor article embedded below
DOL Files Official Delay of Fiduciary Rule
The Department of Labor on Wednesday filed a rule with the Office of Management and Budget for the official 18-month delay of its fiduciary rule. The rule, which must be approved by OMB, delays the fiduciary rule’s Jan. 1, 2018, effective date until July 1, 2019.
Also some important SEC news from the Senate from ThinkAdvisor
Senate Panel to Hold Vote on SEC Nominees Peirce, Jackson
The Senate Banking Committee plans to hold an executive session Wednesday to vote on the two new Securities and Exchange Commission nominees — Hester Peirce and Robert Jackson. Peirce, a Republican, and Jackson, a Democrat, testified at a nomination hearing on Oct. 24 before the committee.