EBSA schedules hearing on definition of fiduciary proposed regs/proposed class PTEs, extends comment period

 

The Employee Benefits Security Administration (EBSA) has scheduled a public hearing on August 10, 11, and 12, and, if necessary, August 13, 2015 to consider issues arising from proposed regulations redefining the term “fiduciary” to include a broad range of retirement and investment advisors who would be subject to ERISA’s fiduciary requirements and related proposed class prohibited transaction exemptions (PTEs). EBSA is also extending the comment period on the proposals to July 21, 2015.
Since the publication of the proposed regulations and the related proposed class PTEs, there has been considerable interest expressed in the proposals and several requests for an extension of the comment period, according to EBSA.

Hearing

The hearing will begin each day at 9 a.m. EDT, and will be held in the César E. Chávez Memorial Auditorium at the U.S. Department of Labor, Frances Perkins Building, 200 Constitution Avenue, NW, Washington, DC 20210. Request to testify at the hearing must be received by 5:00 p.m. EDT on July 24, 2015 and may be delivered by any of the following methods: Email to e-ORI@dol.gov, subject line: Conflict of Interest Rule Hearing; Mail: Office of Regulations and Interpretations, Employee Benefits Security Administration, Attn: Conflict of Interest Rule Hearing, Room N-5655, U.S. Department of Labor, 200 Constitution Avenue, NW, Washington, DC 20210.

Comment period

The proposed regulations included a 75-day comment period from the date of publication (i.e., July 6, 2015), and EBSA made it clear that the opportunity for public input would not end after the 75 days. However, to allow sufficient time for comment, EBSA is extending the comment period to July 21, 2015. The hearing will be transcribed and the comment period will remain open after the conclusion of the hearing until 14 days after the official transcript is posted on EBSA’s website. Altogether, EBSA anticipates that the opportunity for public testimony and comment may be more than 140 days in total.

Source: EBSA Notice.

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