The Department of Labor’s Employee Benefits Security Administration (EBSA) has given industry trade groups until Feb. 24 to fulfill the department’s request regarding what impact the conflicts of interest faced by brokers who advise on IRAs have on IRA investors.
The EBSA recently launched an expanded “regulatory impact analysis” to assess the impact of the department’s reproposed fiduciary rule on ERISA plans and IRAs. Industry trade groups were asked by EBSA’s Office of Policy Research on Dec. 15 to voluntarily assist EBSA in its fact-finding mission.
Applying a fiduciary standard to IRAs is one of the more controversial aspects of the reproposal.
Industry trade groups recently received a letter from Joseph Piacentini, director of EBSA’s Office of Policy Research, stating that EBSA would like to receive any data the trade groups had by Feb. 17. But an EBSA spokesman told AdvisorOne on Thursday that EBSA had extended the period for response to Feb. 24. This correspondence, the spokesperson said, “is part of a larger dialogue which the department is pursuing to ensure that it has the best available data to support its assessment of the economic impacts of the initiative.”
But industry trade groups say they are limited in what information they can provide.