Posts Tagged ‘Insured Retirement Institute’

Posts Tagged ‘Insured Retirement Institute’

The U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association (Co-Plaintiffs) issued the following statement on their notice of appeal to the U.S. Court of Appeals for the Fifth Circuit, which was filed today

FSR, along with eight trade associations (Associations), filed a legal challenge on June 1 to the Department of Labor’s Final Fiduciary Rule (Rule) and related prohibited transaction exemptions (PTEs). In the lawsuit, the Associations allege the “Rule and PTEs overstep the Department’s authority, create unwarranted burdens and liabilities, would undermine the interests of retirement savers, and are contrary to law.”

FSR together with 15 financial trade associations are urging Department of Labor (DoL) regulators to provide more time for the financial services industry and thepublic to submit comments on the new fiduciary standards proposal, which is more than 1,000 pages in length, and could significantly impact choice and access to advice for millions of consumers.

On April 21, 2015, 16 financial trade associations representing the breadth of the financial services industry (Associations) in the United States jointly submitted a letter to the Department of Labor requesting that the Department extend the public comment submission period for an additional 45-days for the recently-released Conflict of Interest Rule and Related Exemptions. The Associations noted the 75-day comment period is inadequate to address the “far-reaching modifications that will be required to meet the conditions to the exemptive relief that the Department perceives as important” to protect the interests of retirement investors. As the Associations noted, “a 120-day comment period would lead to more thoughtful and comprehensive input, which will ultimately increase the possibility for a more workable final rule that would benefit all parties.”