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BlackRock and Vanguard urge delay in Department of Labor's fiduciary rule
InvestmentNews; Mar 27, 2017 @ 2:25 pm
Citing investor confusion and the "unreasonably high costs and operational burdens" it would impose on the financial services industry, the nation's two largest investment managers have called on the Department of Labor to delay the scheduled implementation date of its fiduciary rule.
In letters to the Department in response to requests for comments on a plan to delay the rule for 60 days beyond April 10, BlackRock asked for a stay of an unspecific length of time, while Vanguard said the rollout should be pushed back at least a year.
DOL Rule Generates Flood of Comments, Petitions
InsuranceNewsNet; March 27, 2017
The Department of Labor is expected to publish a 60-delay of its fiduciary rule in the Federal Register any day now.
That will push the looming April 10 “applicability date” to June 9. But many industry analysts say the DOL will use the extra time to undo many of the fiduciary rule measures, or implement another delay.
The impending delay was accompanied by a 15-day public comment period as required by the Administrative Procedures Act. The DOL reported 1,001 individual comments received during the period, which closed March 17.