DOL Files “Notice” with OMB regarding Delay of Fiduciary Rule Transition Period
The effort to extend the DOL Fiduciary Rule’s Exemptions’ Transition Period has moved a step forward and is now again under OMB review. It’s interesting to note that OMB’s website lists its stage as “Notice” instead of “Final Rule.” That term makes it unclear if it is the final rule on the extension so that when OMB releases it, DOL can publish it in the Federal Register.
If this is the final rule to be issued, we won’t know the text of the rule until it is published in the Federal Register, but the title on the OMB’s website is: “18-Month Extension of Transition Period and Delay of Applicability Dates; Best Interest Contract Exemption; Class Exemption for Principal Transactions; PTE 84-24,” which suggests that it is still an 18-month extension (until July 1, 2019).
If you have any questions, please don’t hesitate to contact us.