Happy Friday, readers! Another fast-paced week of news on was dominated by discussion of the future of the DOL fiduciary rule—and yet there is only a little more certainty now than we had on Monday. Following a court victory for the rulemaking in Texas, the latest development is that DOL submitted paperwork to the OMB to commence its own regulatory review related to the fiduciary rule, as ordered by the newly installed president. The content of the paperwork is not yet public, but rumors are swirling that a 180-day delay is being sought. Get all the latest industry insights below.
A Texas district court judge has rejected industry arguments that the DOL exceeded its authority in crafting the forthcoming fiduciary rule—what this spells for the regulation’s future under the Trump administration is unclear.
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Their concerns are that small businesses will be discouraged from offering retirement plans to employees, and that employees put into state-run plans will not have the protections of ERISA and will have limited control over their retirement savings.
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When the SEC adopted the new Rule 30e-3 earlier this year, creating a new system for electronic delivery of fund information, it also established a transition disclosure period that starts in January, during which "funds that choose to implement the new delivery method for shareholder reports provide prominent disclosures in prospectuses and certain other shareholder documents that will notify investors of the upcoming change in transmission format.”