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DOL/EBSA RIN: 1210-AB82 Publication ID: Spring 2018 
Title: Request for Information on Fiduciary Rule and Prohibited Transaction Exemptions 
Abstract:

By Memorandum dated February 3, 2017, the President directed the Department to prepare an updated analysis of the likely impact of the Fiduciary Rule on access to retirement information and financial advice.  The President’s Memorandum was published in the Federal Register on February 7, 2017 (82 FR 9675).  On July 6, 2017, the Department published a Request for Information (RFI) in the Federal Register (82 FR 31278).  On November 29, 2017, the Department extended the special transition period under sections II and IX of the Best Interest Contract Exemption and section VII of the Class Exemption for Principal Transactions in Certain Assets between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs for 18 months (82 FR 56545).  The new transition period ends on July 1, 2019, rather than on January 1, 2018.  The Department also delayed the applicability of certain amendments to Prohibited Transaction Exemption 84-24 for the same period.  These actions were taken to give the Department the time necessary to consider the RFI comments under the criteria set forth in the Presidential Memorandum, including whether possible changes and alternatives to these exemptions would be appropriate in light of the current comment record and potential input from, and action by, the Securities and Exchange Commission and state insurance commissioners.  RIN 1210-AB82 has completed its purpose, but is not being removed from the regulatory agenda while the Department is still conducting the examination and analysis directed by the Presidential Memorandum and considering additional compliance options. Accordingly, pending the completion of that examination and analysis, including the consideration of possible additional compliance options, the RFI is being reserved as a long-term action.

 
Agency: Department of Labor(DOL)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Long-Term Actions 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Deregulatory 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 29 U.S.C. 1002 (ERISA sec. 3(21))    29 U.S.C. 1008 (ERISA sec. 408)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Request for Information  07/06/2017  82 FR 31278   
Request for Information Comment Period End  08/08/2017 
Next Action Undetermined  To Be Determined 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related RINs: Related to 1210-AB79, Related to 1210-AB32 
Agency Contact:
Karen E. Lloyd
Division Chief, Class Exemptions, Office of Exemption Determinations
Department of Labor
Employee Benefits Security Administration
122 C Street NW, Suite 400,
Washington, DC 20001
Phone:202 693-8540