Pay close attention to three areas of the Department of Labor's reproposed fiduciary rule once it's released in July, says Brad Campbell, former head of the DOL's Employee Benefits Security Administration.
First will be the new prohibited transactions exemptions, "and what they will allow," said Campbell (left), who's now an attorney with the Financial Services ERISA Team at Drinker Biddle & Reath in Washington, on the law firm's Inside the Beltway conference call Tuesday.
Fred Reish, head of Financial Services ERISA team at Drinker Biddle, who was also on the call, said that "the fiduciary aspects" of the DOL's proposal were "manageable" and agreed with Campbell that "the prohibited transactions" in the revised rule would be "where the rubber hits the road." Going forward, he said, "the debate will be in the prohibited transaction issues."
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