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18-Month Extension of Transition Period and Delay of Applicability Dates - Best Interest Contract Exemption
The Law Library
Synopsis "18-Month Extension of Transition Period and Delay of Applicability Dates - Best Interest Contract Exemption"
18-Month Extension of Transition Period and Delay of Applicability Dates - Best Interest Contract Exemption (PTE 2016-01) (US Employee Benefits Security Administration Regulation) (EBSA) (2018 Edition) The Law Library presents the complete text of the 18-Month Extension of Transition Period and Delay of Applicability Dates - Best Interest Contract Exemption (PTE 2016-01) (US Employee Benefits Security Administration Regulation) (EBSA) (2018 Edition). Updated as of May 29, 2018 This document extends the special transition period under sections II and IX of the Best Interest Contract Exemption and section VII of the Class Exemption for Principal Transactions in Certain Assets between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs for 18 months. This document also delays the applicability of certain amendments to Prohibited Transaction Exemption 84-24 for the same period. The primary purpose of the amendments is to give the Department of Labor the time necessary to consider public comments under the criteria set forth in the Presidential Memorandum of February 3, 2017, including whether possible changes and alternatives to these exemptions would be appropriate in light of the current comment record and potential input from, and action by, the Securities and Exchange Commission and state insurance commissioners. The Department is granting the delay because of its concern that, without a delay in the applicability dates, consumers may face significant confusion, and regulated parties may incur undue expense to comply with conditions or requirements that the Department ultimately determines to revise or repeal. The former transition period was from June 9, 2017, to January 1, 2018. The new transition period ends on July 1, 2019, rather than on January 1, 2018. The amendments to these exemptions affect participants and beneficiaries of plans, IRA owners and fiduciaries with respect to such plans and IRAs. This book contains: - The complete text of the 18-Month Extension of Transition Period and Delay of Applicability Dates - Best Interest Contract Exemption (PTE 2016-01) (US Employee Benefits Security Administration Regulation) (EBSA) (2018 Edition) - A table of contents with the page number of each section
