MMI Submits Comments to DOL on Proposed Fiduciary Rule

On April 14, 2015, the U.S. Department of Labor announced a re-proposed definition of the term “fiduciary” under the ERISA standards of fiduciary conduct and the prohibited transaction rules under ERISA and section 4975 of the Internal Revenue Code. If adopted, the rule would have an immense impact on the advisory solutions industry and how members provide service to plan sponsors and IRAs.

In response to the DOL’s request for public comment on the re-proposed regulation, MMI worked with its retained counsel, Morgan, Lewis & Bockius, representatives of MMI’s Legal & Compliance Committee, and directly with several of our member firms, to prepare a comment letter to the DOL. The comment letter, which was submitted on July 17, 2015, is available here to review (Members only PDF).