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.
for the original article from NAPA Net.