The final aspects of the fiduciary standard will be shrouded in some mystery until the
final rule language actually emerges from OMB, George explains, but she still predicts pretty confidently that the biggest impact is going to be on the IRA market and rollover accounts.
The Early Learning Council will begin consideration draft
rule language on March 16, 2016.
But a March 14 conference call to begin
finalizing rule language quickly bogged down, with only minor agreements reached.
And many of the rules were written to be ambiguous, so new expansions that introduced new rules brought in unexpected conflicts, and made it clear that
card rules language needed to be much more structured and unified than it was previously.
(See FHWA's Work Zone Safety and Mobility Rule web site for presentations,
final rule language, informational materials, examples of rule implementation, and guidance on implementing the rule, etc..)
Members advanced only nine pages into a 57 - page document matching
the rule language with comments received.
Noting that the fiduciary
rule language has been submitted to the Office of Management and Budget and is «finally about to arrive,» George predicts the best - interest contract exemption and other key aspects of the proposed rule language will be maintained in any final rule.
Advisers and providers will complain when
the rule language finally emerges, she adds, «but they will very quickly have to get to work assessing the new layer of administration they'll have to build out to meet all the new requirements.»
Unless major changes are made to
the rule language, advisers selling in these areas will have to start papering best - interest contract exemptions left and right.
So, the objective is clear: the proposed rule aims at solving problems found in the large - scale, commercial breeding facilities, which are not open to the public, not the relatively small, in - home, heritage breeding programs that are also captured by
the rule language.
However, I believe CMS» interpretation of
its rule language is not correct.)