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Sep 12 2017

ADISA Submits Comment Letter in Support of the DOL’s Proposed Fiduciary Rule Delay

The Alternative & Direct Investment Securities Association, a trade association representing the non-traded alternative investment industry, submitted a comment letter to the Department of Labor regarding its proposed 18-month delay of the remaining provisions of its fiduciary rule.

The DOL is proposing to extend the transition period in the best interest contract exemption and principal transaction exemption until July 1, 2019, and to delay the applicability date of certain amendments to the prohibited transaction exemption involving insurance agents and brokers for the same period. Currently, the special transition period is set to expire on January 1, 2018.

“ADISA is pleased to support the Department’s latest attempt to gain additional time to study and, where appropriate, remedy aspects of the fiduciary rule and the accompanying exemptions as originally adopted,” said ADISA President John Grady of DLA Piper.

He added, “We continue to oppose regulation that, however well intended, does not help investors or their advisers, and we trust that, with time, additional study and the input of other agencies, the Department will be better able strike a balance that helps retirement savers get the products and services they need to meet their goals while not undermining their ability to access financial professionals to serve them.”

The DOL is conducting an examination of the rule as directed by the President earlier this year, and reviewing the comments already received from proponents and opponents of the rule that seeks to eliminate conflicted retirement investment advice.

ADISA has previously provided commentary to the DOL both in letters and in person on aspects of the fiduciary rule, and its representatives have appeared before the Office of Management and Budget. The latest letter, which was authored and signed by ADISA President John Grady, can be read in its entirety here.

The DOL’s 15-day comment period on its proposed delay closes on Friday, September 15th. Comments can be submitted to the Federal eRulemaking Portal or via email at (Include the regulatory identification number: RIN 1210-AB82 in the subject line).

Following the 15-day comment period, the DOL will propose a final rule which must be approved by the Office of Management and Budget.

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Article by: The DI Wire

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