Last week, the Department of Labor (DOL) unveiled its long awaited Conflict of Interest rules (regulation, not law). Here is a link to the DOL's fact sheet, http://www.dol.gov/protectyoursavings/FactSheetCOI.pdf. The regulation itself is hundreds of pages.
So, at first blush I think that the proposal is slightly less onerous than I thought it would be, but it does some things that are going to be a big deal.
- Comment Period – 75 days, ending on/about 07/6
- Public Hearing – within 30 days after Comment Period
- Preparation of Final Rule – This will take some time as DOL will need to absorb the public comments and make changes. Then sent to the Office of Management and Budget (OMB) to review.
- Effective Date – The rule becomes effective 60 days after publication in the Federal Register once back from OMB
- Applicability Date – 8 months later
UPDATE: As an update to this delay strategy, a group of democratic congressman, 18 of them, have also joined the voices asking for more time, attached here; Democratic Reps Want Longer Comment Period.
UPDATE 2: More requests for delay, this time from three dozen republican senators, pressure is mounting! The senate letter here; Senate Letter asking for delay