OMB Review of Fiduciary Regulation Applicability Delay Concluded
On February 27th, the Office of Management and Budget moved its review of the delay of the applicability date of the fiduciary regulation to concluded status.
The process began on February 9th, when the Employee Benefit Security Administration (EBSA) sent the OMB documents for approval. Reports at the time indicated the documents included a proposed rulemaking to delay the fiduciary regulation for 180 days from the initial April 10th effective date.
The next steps to move a delay forward would be in the form of a proposed regulation. Proposed regulations require time for public comment before it can become an final regulation.
We will keep our ear to the street for further movement.