The Labor Department will issue a notice of proposed rulemaking regarding a new fiduciary rule in December, according to the department’s spring regulatory flexibility agenda.
Dates set out in reg flex agendas are traditionally placeholders, and may not reflect the actual date that a fiduciary plan would be released.
An earlier unveiling of a Labor fiduciary plan could be likely given that the Securities and Exchange Commission’s advice standards package, which includes Regulation Best Interest, is expected to come up for a vote before the commission the week after Memorial Day or the week of June 3.
Labor Secretary Alexander Acosta told lawmakers on May 1 that Labor is collaborating with the SEC as it works on its advice-standards package, and that “based on our collaborative work, we will be issuing new rules in this area.”
Fred Reish, a partner and head of Drinker Biddle’s ERISA Financial Services Group, told ThinkAdvisor in a Thursday email that the notice of proposed rulemaking as stated in the reg flex agenda “means that the DOL anticipates issuing proposals,” with a comment period to take place “before Labor goes to work on the final guidance.”