DOL/EBSA Proposes Extending
Date For Fiduciary Rule and
10, 2017 To June 9, 2017
The Trump administration is going to
review whether or not the Fiduciary rule
as created by the Obama administration
should go into effect. On February 3,
2017, the President issued a memorandum
directing the DOL/EBSA to examine
the Fiduciary rules and the new and
revised prohibited transaction exemptions
to determine if such changes are
not cost effective and may actually result
in Americans having reduced access to
retirement information, financial advice
The new definition of fiduciary was to
go into effect as of April 10, 2017, as
were various prohibited transaction
The DOL/EBSA has formally issued a
notice that it is proposing that the fiduciary
applicability date be changed to be
June 9, 2017, rather than April 10, 2017.
Other applicability dates are also
extended. This proposal is being published
in the Federal Register on March 2,
2017, in order to allow the "new"
DOL/EBSA to collect additional information
and review it before the new
Fiduciary rules go into effect and decide
if changes in the Obama rules are warranted.
Comments on the subject of the proposed
extension must be submitted by
March 17, 2017 (a Friday). This is 15
days following its publication.
Comments on the subjects raised in the
presidential memorandum must be submitted
by April 17, 2017 (a Monday).
This is 46 days following its publication
as the 45th day is a Sunday and so the
deadline is the following Monday.
Comment submissions must include
the agency name (Department of
Labor/Employee Benefits Security
Administration) and the Regulatory Identification
Number (RIN) of RIN 1210-AB79. Submitters are encouraged to use
one of the electronic submission options
rather than submitting a paper submission.
These comments will be available
to the public.
Comments may be submitted using one
of the following methods.
- Send an email to: EBSA.FiduciaryRule-Examination@dol.gov. In the subject line
of your email include RIN 1210-AB79.
- Go to the Federal eRulemaking portal
and follow the instructions for submitting
comments. The portal is located at:
- Mail your written comments to: Office
of Regulations and Interpretations,
Employee Benefits Security Administration,
Room N-5655, U.S. Department of
Labor, 200 Constitution Avenue NW,
WASHINGTON, DC 20210, Attention:
Fiduciary Rule Examination.
The 15 day and 45 day submission
deadlines will require an individual to
act promptly. We expect there will be
many comment submissions.