June 18, 2015

Public Hearing Dates Set and Comment Deadline Further Extended for Proposed Guidance on DOL Definition of an Investment Fiduciary

The Department of Labor (DOL) has set the public hearing dates for its proposed regulation on the definition of an investment fiduciary (also referred to as the conflict-of-interest regulation) and the related proposed prohibited transaction exemptions (which were issued on April 20, 2015) as August 10-12, and August 13, 2015, if needed. The number of hearing days reflects the expected high number of individuals who will request to testify on these highly controversial regulations and exemptions. DOL also has further extended the period for written comments by one day to July 21, 2015. Requests to testify must be submitted by July 24, 2015. Learn more here.

Reaction to the proposed guidance continues as a Subcommittee of the House Education and Labor Force Committee held a hearing yesterday at which, among others, Secretary of Labor Tom Perez testified. View links to the hearing and written statements.

If you have any questions about the dates or the proposed guidance, please contact your Sibson consultant or send us a note.

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