On July 21st, the BDA submitted a comment letter to the Department of Labor focused on whether the Department of Labor should delay the January 1, 2018 Best Interest Contract Exemption and Principal Trading Exemption applicability date. The letter is here.
- BDA’s letter expresses strong support for delaying the applicability date of the exemptions until the Department of Labor has finished its review of the rule and proposed amendments to improve the exemptions.
- Request for Information: The Labor Department’s Request for Information (RFI) on the Fiduciary Duty Rule can be accessed here.
The RFI includes two concurrent comment periods:
- 15-day comment period (expires on Friday, July 21st) where comments should be focused on extending the January 1, 2018 exemption applicability date.
- 30-day comment period (expires August 7th) where comments should be focused on all the other questions raised in the RFI. The RFI specifically seeks information that could support revisions to the rule and/or exemptions, including an explicit question asking if there are ways to improve the principal transaction exemption.
- BDA will comment during both comment periods.
Additional Documents
Please follow and like us:
