On April 17, MFA submitted a comment letter to the Department of Labor (DOL) on its substantive concerns with respect to the final fiduciary rule adopted in 2016, which MFA believes the DOL should consider as part of the review of the final rule and related prohibited transaction exemptions (PTEs) required by President Trump’s February Presidential Memorandum. In the letter, MFA encouraged DOL to revise the final rule clearly to exclude managers and service providers to non-plan asset funds from the scope of the rule, consistent with Congress’ determination in the Pension Protection Act. MFA also encouraged the DOL clearly to exclude an adviser marketing its services and reporting information relevant to its fund(s) to fund investors and potential investors from the scope of the rule. Finally, MFA again encouraged DOL to extend further the applicability date of the final rule and related PTEs while it conducts its review.
