DOL releases first fiduciary rule FAQs
November 1, 2016 by Melanie Waddell
The Department of Labor on Thursday released its widely anticipated frequently-asked-questions guidance on its fiduciary rule, answering 34 questions posed on new exemptions and amendments to existing exemptions.
Phyllis Borzi, assistant secretary of Labor for DOL’s Employee Benefits Security Administration (pictured here), said Tuesday that the release of the first “wave” of FAQs was imminent and that EBSA anticipates releasing the FAQs in “three waves.” She noted that there could likely be “multiple waves” of FAQs.
Borzi said in a Thursday blog that the FAQs “are an important part of the regulatory process as they allow the department to clarify important parts of the rule, and head off misunderstandings that could lead to bad results for retirement savers, or financial services professionals.”
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