The DOL has announced that it will delay the effective date of the Investment Advice regulations until May 22, 2009. This delay comes after significant Congressional criticism that the regulations did little to prohibit the giving of conflicted investment advice.
Document Excerpt
This document delays the effective and applicability dates of final rules under the Employee Retirement Income Security Act, and parallel provisions of the Internal Revenue Code of 1986, relating to the provision of investment advice to participants and beneficiaries in individual account plans, such as 401(k) plans, and beneficiaries of individual retirement accounts (and certain similar plans). These rules were published in the Federal Register on January 21, 2009. This document postpones the effective and applicability dates of these final rules from March 23, 2009 until May 22, 2009, to allow additional time for the Department to evaluate questions of law and policy concerning the rules.
Link http://www.dol.gov/federalregister/HtmlDisplay.aspx?DocId=22254&AgencyId=8&DocumentType=2
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