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 May 23 Federal Register posting
of the DOL’s semiannual regulatory agenda.
Speaking at a Washington, DC legislative update meeting on
May 5, EBSA Director Phyllis Borzi had said 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,” NAPA CEO and Executive Director Brian Graff commented. Most
insiders had predicted that the rule would not be released before the
congressional elections in November.
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