Tax & Benefits Attorney Discusses the DOL’s Request for Information on the Fiduciary Rule

An article published by Law360 on June 30 reports on the request for information released by The Department of Labor (DOL) seeking comments from stakeholders as it weighs whether to rescind or replace the fiduciary rule. “The DOL’s questions suggest that we could see the DOL extend the transition period beyond Jan. 1, 2018, and create new or streamlined exemptions in reaction to changes that have developed in the market since the rule was originally finalized,” states tax & benefits attorney Josh Lichtenstein (New York) in the article. “The DOL also raised the possibility of explicitly coordinating with the SEC and creating an exemption that would be satisfied by complying with SEC rules.” A subsequent article in Compliance Reporter published on July 7 discusses the possibility of collaboration between the Department of Labor and the Securities and Exchange Commission on the Commission’s own fiduciary regulations. “This is the clearest indication there is an intent to collaborate” outlines Mr. Lichtenstein in the Compliance Reporter piece.