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DoL Delays Fiduciary Rule Until 2015

The so-called DoL “conflict of interest rule for investment advice” — formerly known as the fiduciary redefinition rule — has been delayed until January 2015. The delay was revealed in a posting of the Office of Management and Budget’s Office of Information and Regulatory Affairs, which notes that a second Notice of Proposed Rulemaking will not be issued until January, but it does not state a specific date. 

EBSA Director Phyllis Borzi had said at a legislative update meeting on May 5 in Washington, D.C., that while there is no set date for the redefinition of fiduciary rule, she will not wait forever. A BNA blogger quoted Borzi as saying that she has slowed the process to accommodate further industry input. 

“Given the politics and the upcoming elections, this is not a surprise,” ASPPA CEO and Executive Director Brian Graff commented. Most insiders had predicted that the rule would not be released before the congressional elections in November.

John Iekel is Senior Writer and Editor for the ASPPA Net and NTSA Net portals.