We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • DOL Releases Fiduciary Rule Request for Information

    June 30, 2017 by Melanie Waddell

    The Department of Labor on Thursday published a Request for Information (RFI) regarding its fiduciary rule.

    Information gleaned from comments “could form the basis of new exemptions or changes/revisions” to the fiduciary rule and its associated prohibited transaction exemptions, or PTEs, Labor said, as well as the possibility of extending the Jan. 1 applicability date of certain provisions in the Best Interest Contract Exemption, the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs, and Prohibited Transaction Exemption 84-24, which deals with annuities.

    Click HERE to view the original story via ThinkAdvisor.

    There is a 15-day comment period regarding extending the Jan. 1, 2018, applicability date of certain aspects, and a 30-day comment period on all other issues raised in the RFI.

    Both begin upon publication of the RFI in an upcoming edition of the Federal Register. 

    The RFI, which had been under review at the Office of Management and Budget, asks for feedback on 18 questions.

    Labor has already been fielding comments as part of President Donald Trump’s Feb. 3 executive order that Labor review the rule.

    Labor said Thursday that public input on the rule and PTEs has suggested that “it may be possible in some instances to build upon recent innovations in the financial services industry to create new and more streamlined exemptions and compliance mechanisms.”

    For instance, one recent innovation is the possible development of mutual fund “clean shares.”

    Many firms, the RFI states, “appear to be considering the use of such ‘clean shares’ as a long-term solution to the problem of mitigating conflicts of interest with respect to mutual funds,” but commenters have noted, however, “that funds will need more time to develop clean shares than contemplated” by the Jan. 1 deadlines.

    Commenters also point to insurance companies’ potential development of fee-based annuities in response to the fiduciary rule, the RFI states, as well as firms developing new technology, and advisory and data services to help financial Institutions satisfy the supervisory requirements of the PTEs.

    “The Department welcomes information on these developments and their relevance to the rule, the PTEs’ terms and compliance timelines,” the RFI says, with particular interest in public input on whether “it would be appropriate to adopt an additional more streamlined exemption or other rule change for advisors committed to taking new approaches like those outlined above based on the potential for reducing conflicts of interest and increasing transparency.”

    Fred Reish, partner in Drinker Biddle & Reath’s employee benefits and executive compensation practice group in Los Angeles, says that the questions in the DOL’s RFI reflect the rules and requirements in the fiduciary regulation and exemptions that were “the most controversial and the most difficult to comply with.” 

    Interestingly, Reish noted, the RFI’s questions about the fiduciary regulation “are more consistent with keeping the fiduciary definition, but possibly modifying the regulation in some regards. The request doesn’t ask the kinds of questions that would produce evidence to ‘kill’ the regulation.”

    The questions about the BICE focus on “class-action litigation and the contract and warranty provisions,” Reish points out. “There is also a focus on streamlining the exemption to reduce the compliance burden.”

    Labor also wants commenters to weigh in on how it could coordinate with the Securities and Exchange Commission “in issuing compatible, but perhaps not identical, guidance,” Reish adds.

    Labor also seeks feedback on whether the 84-24 exemption should include all types of annuities. “While the transition 84-24 and the ‘old’ 84-24 covers all types of annuities, the version that is scheduled to be applicable on Jan. 1, 2018 is limited to fixed rate annuities,” Reish notes.

    The RFI also asks about extending the transition rules past Dec. 31. “Considering how long it takes to analyze these issues and prepare a new regulation and exemptions—particularly if there is coordination with the SEC — an extension will be necessary,” Reish said.

    Originally Posted at ThinkAdvisor on June 29, 2017 by Melanie Waddell.

    Categories: Industry Articles
    currency