From: ThinkAdvisor
ASPPA’s Graff sees the controversial proposal coming out in early Spring
By Melanie Waddell, Washington Bureau Chief, Investment Advisor Magazine
The Department of Labor plans to release in January a redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act, according to an updated regulatory notice posted on the Office of Management and Budget’s website.
Speculation had ensued as to whether DOL would actually move forward with a redraft of its Conflict of Interest-Investment Advice rule in January. In mid-October, Labor Secretary Thomas Perez referred to the January redraft release date as cited in DOL’s regulatory agenda.