Fiduciary Rule Critics Seek Extension to Comment on Proposal (1)

A coalition of financial industry groups have asked the US Labor Department to extend the comment period on a new proposal to broaden the kinds of investment advice subject to fiduciary standards of conduct.

The group sent a letter to DOL’s Employee Benefits Security Administration Wednesday asking officials to add 90 days to the public comment period currently scheduled to lapse on Jan. 2, 2024. The industry groups asked regulators to add 60 days and to delay scheduling a public hearing on the proposal until after the initial comment period ends, followed by additional 30 days of comment after the ...