Wall Street Asset Managers Hope Rule Delay Means Change of Heart

A yearlong delay in the US Labor Department’s plan to shake up Wall Street asset managers that advise workplace retirement plans has left the industry hoping for a substantially different policy in the coming months.

Senior Employee Benefits Security Administration officials have said they have “no plan” to withdraw the proposal that would set tougher restrictions on how banks can earn the agency’s revered qualified professional asset manager status.

The proposed regulation, first issued in July 2022 (87 Fed. Reg. 45204), has undergone two extended comment periods (87 Fed. Reg. 54715, 88 Fed. Reg. 17466) ...