ThinkAdvisor reported that the Department of Labor’s (DOL) fall regulatory agenda still lists Dec. as the date for issuing its new fiduciary rule proposal. In “What’s Next for Build Back Better, Form CRS and the New Fiduciary Rule?” benefits and executive compensation partner Fred Reish said he doubted that would happen and discussed what to expect.
Reish explained how “the DOL is still accepting input from the private sector” on crafting such a rule.” He continued, “I would take this [regulatory agenda] to mean that the release of a new proposed fiduciary definition and related prohibited transaction exemptions is imminent, perhaps within 60 days.”
However, Reish noted “that could only refer to submitting those proposals to the White House” for review by the Office of Management and Budget. “That review could take another 60 to 90 days after that before the proposals are approved and published in the Federal Register, which will be when we will first see” what the rules say.