DOL ALERT - OMB Approves Delay "with changes"

by admin sunderland | Aug 29, 2017

The Office of Management and Budget (OMB) has responded quickly to the Labor Department's request for a delay in the full BIC applicability date.

The Department submitted to the Office of Management and Budget proposed amendments to three exemptions, entitled:

  1. Extension of Transition Period and Delay of Applicability Dates From January 1, 2018, to July 1, 2019; 
  2. Best Interest Contract Exemption (PTE 2016-01); Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (PTE 2016-02); and
  3. Prohibited Transaction Exemption 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, and Investment Company Principal Underwriters (PTE 84-24).

What the "change" referred to in OMB's review conclusion is not yet clear.

We'll Keep You Posted!   

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