Letters

Fiduciary Rule Proposal -The Fiduciary Rule Itself

Summary

SIFMA  is pleased to provide comments regarding the Department of Labor’s (“Department”) proposed regulation under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that will redefine the term “fiduciary” under section 3(21) of ERISA and section 4975(e) of the Internal Revenue Code of 1986, as amended (the “Code”).

While SIFMA believes that the provision of individualized advice should be covered by a best interest standard when both the financial professional and the client agree that a fiduciary account is what they both expect, this proposed rule goes too far and will have significant adverse consequences for Americans trying to save for retirement.

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