Via e-mail to e-ORI@dol.gov and e-OED@dol.gov

April 20, 2015

Office of Regulations and Interpretations

Office of Exemption Determinations

Employee Benefits Security Administration

U.S. Department of Labor

200 Constitution Avenue, NW

Washington, DC 20210

Re: Request for Extension of Comment Period on the DOL Fiduciary Proposal 

The Financial Services Institute (“FSI”)1 is writing to request, at the minimum, a 45-day extension of 

the comment period for the Department of Labor’s (the “Department”) recently released proposed rule 

(the “Proposal”) to amend the definition of “fiduciary” for the purposes of the Employee Retirement 

Income Security Act of 1974 (“ERISA”). The Department released the text of the Proposal on April 14, 

2015 and it was published in the Federal Register on April 20, 2015 with a 75-day period for interested 

stakeholders to provide comments.

As you are aware, the Proposal is significantly larger than the 2010 Proposal and will have a 

momentous effect on a large swath of the financial services industry. Weighing in at nearly 700 pages, 

the Proposal includes detailed regulatory language, a brand new “Best Interests Contract” exemption, a 

lengthy regulatory impact analysis, and rewrites several current prohibited transaction exemptions (“PTEs”) 

that are heavily relied upon by the financial services industry. Considering the size, scope, and importance 

of the Proposal, it is critical that the Department allow an appropriate amount of time to for interested 

parties to properly analyze the Proposal, determine the practical effects it will have on the industry and 

hardworking Americans saving for retirement, and provide thoughtful and complete commentary. Given 

the size and complexity of the Proposal, we believe a 75-day comment period does not provide an 

adequate amount of time for this to occur.

Our concerns are further bolstered by the Department’s treatment of the 2010 Proposal. The 2010 

Proposal was significantly shorter than the current Proposal and was not released with any amendments to 

existing PTEs, let alone a completely new exemption like the current “Best Interests Contract” exemption. 

1 The Financial Services Institute (FSI) is the advocacy organization for independent financial services firms and the independent 

financial advisors affiliated with them. Established in January 2004, FSI represents over 100 independent broker-dealer 

members and more than 37,000 financial advisor members. FSI's mission is to create a healthier regulatory environment for our 

members through effective advocacy, education and public awareness. Our strategy includes involvement in FINRA governance, 

constructive engagement in the regulatory and legislative process. For more information, please visit www.financialservices.org. 

888 373-1840 | 607 14thStreet NW | Suite 750 | Washington, D.C. 20005 | financialservices.org

 
April 20, 2015

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Regardless, the Department recognized in 2010 that the 90-day comment period was too short and 

extended it to 104 days to ensure the financial services industry and other interested parties had 

adequate time to comment thoughtfully. Since the current Proposal is larger and significantly more 

complex, we believe it is appropriate for the Department to provide more time to comment than they did 

in 2010.

For all of the above reasons, FSI is respectfully requesting, at the minimum, a 45-day extension of 

the comment period. Granting this extension will provide the industry with an adequate amount of time to 

properly evaluate the Proposal and provide thoughtful, well-researched commentary that will ultimately 

result in a better final rule. FSI is fully committed to constructive engagement with the Department and is 

already working diligently to produce relevant, thoughtful, and substantive commentary on the Proposal. 

We look forward to working with the Department in crafting a rule that protects consumers and preserves 

access to quality retirement savings advice for Main Street Americans.

Thank you for your consideration of this request. Please be sure to contact me directly at (202) 

379-0943 or Robert Lewis at (202) 803-5149 if you have any questions about this request. 

Respectfully submitted,

Dale E. Brown, CAE

President & CEO

888 373-1840 | 607 14thStreet NW | Suite 750 | Washington, D.C. 20005 | financialservices.org