Financial Industry Gets More Time on Exemption Rule Proposal

The US Labor Department will extend the comment period on a proposed rule toughening the requirements major global financial firms use to manage US retirement assets free from conflicted transactions or investments.

DOL’s Employee Benefits Security Administration says it will host a public hearing on the proposed rule in mid-November “on its own motion,” according to a notice released Tuesday.

New forms of prohibited misconduct and foreign felony convictions would disqualify qualified professional asset managers, or QPAMs, under the proposed rule. It reverses a Trump-era policy allowing major banks to manage US retirement assets even if they had been ...