Eighteen financial services trade groups pressed the Labor Department Wednesday to extend the 60-day comment period on its new fiduciary rule, the Retirement Security Rule, and amendments to the prohibited transaction exemptions, as the plan "makes significant and unanticipated changes to the current regulatory framework."
The proposed rule "will require significantly more time for meaningful analysis and comment," the groups said, noting that they need more time "to understand how this proposal would impact access and choice for retirement savers."
Groups signing the letter include the Financial Services Institute, the Securities Industry and Financial Markets Association, the American Benefits Council, the American Bankers Association and the American Council of Life Insurers.
The proposals include a 60-day period for public comments, ending Jan. 2.
Labor also intends to hold a public hearing approximately 45 days after the proposals were published, which was on Oct. 31.
The brief 60-day comment period for a proposed rule on the definition of a fiduciary, the groups asserted, "is unprecedented."
When the 2010 fiduciary rule was released, Labor initially allowed for a 90-day comment period, followed by a 14-day extension, the groups pointed out.
