From: Think Advisor
Revised measure out for 75-day comment period; includes ‘best interest contract’ exemption
By Melanie Waddell, Washington Bureau Chief/Investment Advisor Magazine
The Department of Labor issued for public comment Tuesday the long-anticipated controversial redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act.
Only after reviewing all the comments will the administration decide what to include in a final rule, DOL said, and even once the DOL ultimately issues a final rule, it will not go into effect immediately.