Ten Senate Democrats have asked the Office of Management and Budget to delay the Department of Labor fiduciary ruling until after the Securities and Exchange Commission decides to hand down its own determinations of fiduciary responsibility.
As it stands, the DOL is expected to announce its ruling this October.
Citing concerns that the SEC and DOL rulings will conflict, the Democratic senators said moving forward "without parity" could create conflicting rules and ultimately force advisors and brokers to meet two different standards.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
