Letters

Fiduciary Rule Proposal – Prohibited Transaction Class Exemption (“PTCE”) 84-24

Summary

SIFMA is pleased to provide comments regarding the Department of Labor’s (“Department”) proposal to amend and partially revoke Prohibited Transaction Exemption (“PTE”) 84-24 under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). We appreciate the opportunity to comment and hope that our comments are helpful to the Department as it assesses whether changing the current exemption and eliminating the ability of individual retirement accounts (“IRAs”) to rely on the exemption will serve the interests of retirement investors.

SIFMA disagrees with the amendments to, and partial revocation of, PTE 84-24 and urges the Department to permit plans covered by ERISA to decide for themselves how their service providers should be compensated, so long as that compensation is fully disclosed.

See Also:

United States Department of Labor: Conflict of Interest Proposed Rule

See Also:

PDF

Committee

Private Client Group (PCG), Retirement and Savings Committee

Date

20

July

2015