The DOL proposes to extend for 60 days the applicability date of the new Fiduciary Rule, defining who is a “fiduciary” under the Employee Retirement Income Security Act (ERISA), and the related prohibited transaction exemptions (collectively PTEs) to address questions of law and policy.

The Fiduciary Rule and the PTEs have applicability dates of April 10, 2017; the proposal is to extend this until June 9, 2017. The proposal delaying the applicability date has a 15 day comment period.

During this period, the DOL is reviewing the Fiduciary Rule and the PTEs to determine if the Fiduciary Rule and the PTEs “empower Americans to make their own financial decisions, facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses.”

The DOL’s notice provides 20 questions about which it specifically invites comments. The proposal reviewing the Fiduciary Rule and PTEs has a 45 day comment period.

As it did for the original Fiduciary Rule, Seward & Kissel intends to comment on behalf of our clients’ generally. If you have any specific interest or facts that might inform our comment letter, please contact John Ryan at ryans@sewkis.com or (212) 574-1679.