Hearing on Definition of the Term “Fiduciary”; Conflict of Interest Rule-Retirement Investment Advice and Related Proposed Prohibited Transaction Exemptions, 34869-34871 [2015-14921]
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Federal Register / Vol. 80, No. 117 / Thursday, June 18, 2015 / Proposed Rules
Executive Order 12866
It has been determined that this
proposed rule is not a significant
regulatory action as defined by
Executive Order 12866 of September 30,
1993. Therefore, no regulatory
assessment is required.
Drafting Information
Karen A. Thornton of the Regulations
and Rulings Division drafted this notice
of proposed rulemaking.
List of Subjects in 27 CFR Part 9
Wine.
Proposed Regulatory Amendment
For the reasons discussed in the
preamble, TTB proposes to amend title
27, chapter I, part 9, Code of Federal
Regulations, as follows:
PART 9—AMERICAN VITICULTURAL
AREAS
1. The authority citation for part 9
continues to read as follows:
■
the Siuslaw River and the intersection
of Siuslaw River Road and Fire Road, to
the 1,000 foot contour line;
(15) Generally southeast along the
meandering 1,000 foot contour line,
crossing onto the Roseburg, Oregon
map, to the intersection of the 1,000 foot
contour line with the Lane/Douglas
County line;
(16) East along the Lane/Douglas
County line approximately 3.8 miles to
the intersection with the 1,000 foot
contour line just east of the South Fork
of the Siuslaw River;
(17) Generally north, then northeast
along the 1,000 foot contour line around
Spencer Butte, and then generally south
to a point along the Lane/Douglas
County line 0.5 mile north of Interstate
Highway 99;
*
*
*
*
*
Signed: June 11, 2015.
John J. Manfreda,
Administrator.
[FR Doc. 2015–15036 Filed 6–17–15; 8:45 am]
BILLING CODE 4810–31–P
Authority: 27 U.S.C. 205.
Subpart C—Approved American
Viticultural Areas
EMPLOYEE BENEFITS SECURITY
ADMINISTRATION
2. Section 9.90 is amended by revising
paragraph (b) introductory text, adding
new paragraph (b)(4), removing
paragraphs (c)(11) through (c)(13),
redesignating paragraphs (c)(14) through
(c)(32) as paragraphs (c)(18) through
(c)(36), and adding new paragraphs
(c)(11) through (c)(17) to read as follows:
29 CFR Parts 2509, 2510, and 2550
§ 9.90
AGENCY:
■
Willamette Valley.
wreier-aviles on DSK5TPTVN1PROD with PROPOSALS
*
*
*
*
*
(b) Approved maps. The approved
maps for determining the boundaries of
the Willamette Valley viticultural area
are three U.S.G.S. Oregon maps scaled
1:250,000 and one U.S.G.S. Oregon map
scaled 1:24,000. They are entitled:
*
*
*
*
*
(4) ‘‘Letz Creek, OR’’ (revised 1984).
(c) * * *
(11) Northeast, then southeast along
the 1,000 foot contour line
approximately 12 miles to its
intersection with the R5W/R6W range
line;
(12) South along the R5W/R6W range
line approximately 0.25 mile to the
intersection with the 1,000 foot contour
line;
(13) Generally southeast along the
meandering 1,000 foot contour line,
crossing onto the Letz Creek map, to a
point on the 1,000 foot contour line
located due north of the intersection of
Siuslaw River Road and Fire Road;
(14) South in a straight line
approximately 0.55 mile, crossing over
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RIN 1210–AB32; 1210–ZA25
Hearing on Definition of the Term
‘‘Fiduciary’’; Conflict of Interest RuleRetirement Investment Advice and
Related Proposed Prohibited
Transaction Exemptions
Employee Benefits Security
Administration, Labor.
ACTION: Notice of hearing and extension
of comment period.
Notice is hereby given that
the Employee Benefits Security
Administration (EBSA) will hold a
public hearing on August 10, 11, and 12,
and continuing through August 13, 2015
(if necessary) to consider issues
attendant to adopting a regulation
concerning its proposed conflict of
interest rule and related proposed
prohibited transaction exemptions. The
Department also is extending the date
by which comments may be submitted
on the proposed rule and proposed new
and amended exemptions. Public
comments on the proposals may now be
submitted to the Department on or
before July 21, 2015.
DATES: The comment periods for the
proposed rule and six proposed
prohibited transaction exemptions
published on April 20, 2015 (80 FR
21928, 21960, 22004, 22034, 22010,
22021, and 21989) have been extended,
SUMMARY:
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34869
and comments on the proposals must be
received on or before July 21, 2015. The
hearing will be held on August 10, 11,
and 12, and continuing through August
13, 2015 (if necessary) beginning each
day at 9 a.m. EDT.
ADDRESSES: The hearing will be held in
´
´
the Cesar E. Chavez Memorial
Auditorium at the U.S. Department of
Labor, Frances Perkins Building, 200
Constitution Avenue NW., Washington,
DC 20210. You may submit a request to
testify at the hearing by any of the
following methods:
• Email to e-ORI@dol.gov, subject
line: Conflict of Interest Rule Hearing.
• Mail: Office of Regulations and
Interpretations, Employee Benefits
Security Administration, Attn: Conflict
of Interest Rule Hearing, Room N–5655,
U.S. Department of Labor, 200
Constitution Avenue NW., Washington,
DC 20210.
Requests to testify must be received by
5:00 p.m. EDT, July 24, 2015.
You may submit comments on the
proposed rule and proposed prohibited
transaction exemptions by the methods
identified below.
For the proposed rule, identified by
RIN 1210–AB32, by any of the following
methods:
Federal eRulemaking Portal: https://
www.regulations.gov. Follow
instructions for submitting comments.
Email: e-ORI@dol.gov. Include RIN
1210–AB32 in the subject line of the
message.
Mail: Office of Regulations and
Interpretations, Employee Benefits
Security Administration, Attn: Conflict
of Interest Rule, Room N–5655, U.S.
Department of Labor, 200 Constitution
Avenue NW., Washington, DC 20210.
Hand Delivery/Courier: Office of
Regulations and Interpretations,
Employee Benefits Security
Administration, Attn: Conflict of
Interest Rule, Room N–5655, U.S.
Department of Labor, 200 Constitution
Avenue NW., Washington, DC 20210.
For the proposed prohibited
transactions exemptions, identified by
RIN 1210–ZA25, by any of the following
methods:
Federal eRulemaking Portal: https://
www.regulations.gov at Docket ID
number: EBSA–2014–0016. Follow the
instructions for submitting comments.
Email to: e-OED@dol.gov. Include RIN
1210–ZA25 in the subject line of the
message.
Fax to: (202) 693–8474. Include RIN
1210–ZA25 in the subject line of the
message.
Mail: Office of Exemption
Determinations, Employee Benefits
Security Administration, U.S.
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34870
Federal Register / Vol. 80, No. 117 / Thursday, June 18, 2015 / Proposed Rules
Department of Labor, 200 Constitution
Avenue NW., Suite 400, Washington DC
20210. Please include the application
number(s) of the proposed prohibited
transaction exemption upon which you
are commenting: D–11712; D–11713; D–
11687; D–11327; D–11820; or D–11850;
or any combination thereof.
Hand Delivery/Courier: Office of
Exemption Determinations, Employee
Benefits Security Administration, U.S.
Department of Labor, 122 C St. NW.,
Suite 400, Washington DC 20001. Please
include the application number(s) of the
proposed prohibited transaction
exemption upon which you are
commenting: D–11712; D–11713; D–
11687; D–11327; D–11820; or D–11850;
or any combination thereof.
FOR FURTHER INFORMATION CONTACT: Fred
Wong, Office of Regulations and
Interpretations, Employee Benefits
Security Administration (EBSA), (202)
693–8510. This is not a toll-free number.
SUPPLEMENTARY INFORMATION: EBSA
published in the Federal Register on
April 20, 2015, a proposed rule that,
upon adoption, would define who is a
‘‘fiduciary’’ of an employee benefit plan
under the Employee Retirement Income
Security Act of 1974 (ERISA) as a result
of giving investment advice to a plan or
its participants or beneficiaries. The
proposal also applies to the definition of
a ‘‘fiduciary’’ of a plan, including an
IRA, under section 4975 of the Internal
Revenue Code (Code).1 If adopted, the
proposal would treat persons who
provide investment advice or
recommendations to an employee
benefit plan, plan fiduciary, plan
participant or beneficiary, IRA, or IRA
owner as fiduciaries in a wider array of
advice relationships than the existing
ERISA and Code regulations, which
would be replaced. In the same edition
of the Federal Register as the proposed
regulation, EBSA also proposed new
exemptions and amendments to existing
exemptions from the prohibited
transaction rules applicable to
fiduciaries under ERISA and the Code.
If adopted, these proposals would allow
certain broker-dealers, insurance agents,
and others that act as investment advice
fiduciaries to continue to receive many
common forms of compensation that
otherwise would be prohibited as
conflicts of interest. The proposed rule,
and related exemptions, would increase
consumer protection for plan sponsors,
1 Under section 102 of Reorganization Plan No. 4
of 1978, the authority of the Secretary of the
Treasury to interpret section 4975 of the Code was
transferred, with certain exceptions not here
relevant, to the Secretary of Labor. References in
this document to sections of ERISA should be read
to refer also to the corresponding sections of the
Code.
VerDate Sep<11>2014
14:59 Jun 17, 2015
Jkt 235001
fiduciaries, participants, beneficiaries,
and IRA owners. For a full discussion of
the proposed rule changes see 80 FR
21928 or visit EBSA’s Web site at
https://www.dol.gov/ebsa, see Proposed
Rules. For a full discussion of the
proposed prohibited transaction
exemptions and amendments to existing
exemptions, see 80 FR 21960, et seq., or
visit EBSA’s Web site at https://
www.dol.gov/ebsa (see Proposed Rules).
Since publication in the Federal
Register, there has been considerable
interest expressed in the proposed rule,
the related proposed prohibited
transaction exemptions, and the
accompanying Regulatory Impact
Analysis, as well as several public
comments requesting an extension of
the comment period. The April 20
Federal Register documents provided a
75-day public comment period and
required public comments to be
submitted on or before July 6, 2015.
Although the proposed rule included a
75-day comment period from the date of
publication, the Department made clear
that the opportunity for public input
would not end after 75 days.
In order to ensure that interested
persons have sufficient time to share
their views on the proposed rule and
proposed new and amended prohibited
transaction exemptions, EBSA is
extending the comment period for
submitting comments until July 21,
2015.
The Federal Register documents
published on April 20 also explained
that the Department intended to hold a
public hearing within 30 days of the
close of the initial comment period,
after which the comment period will
reopen until approximately two weeks
after the hearing transcript is
published—a process that we anticipate
will provide an additional 30 to 45 days
of public comment.
The hearing on this proposed
rulemaking will be held on August 10,
11, and 12, and continuing through
August 13, 2015 (if necessary) beginning
´
each day at 9 a.m. EDT, in the Cesar E.
´
Chavez Memorial Auditorium of the
U.S. Department of Labor, Frances
Perkins Building, at 200 Constitution
Avenue NW., Washington, DC 20210.
The hearing will be transcribed and the
comment period will remain open after
the conclusion of the hearing until 14
days after the official transcript is
posted on EBSA’s Web site. Thus, with
the 15-day extension of the public
comment period announced in this
document, the initial comment period
will be more than 90 days and,
following the public hearing and
opening of the comment period until 14
days after the hearing transcript is
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posted, we anticipate the opportunity
for public testimony and comments may
be more than 140 days in total.
Persons interested in presenting
testimony and answering questions at
this public hearing must submit, by 5:00
p.m. EDT, July 24, 2015, a written
request to testify and an outline of the
issues they would like to address at the
hearing. In addition to the outline, all
requests to testify must clearly identify:
(1) The name of the person desiring to
serve as a witness; (2) the organization
or organizations represented, if any; (3)
contact information (address, telephone,
and email), and (4) an indication of
whether the person or organization
submitted a written comment on the
proposal, and, if so, the date of the
comment letter. The hearing will be
open to the general public. Any
individuals with disabilities who need
special accommodations should contact
EBSA after submitting their written
request to testify concerning the
scheduling of their testimony.
In addition to testimony on the
proposed rule and proposed prohibited
transaction exemptions, a portion of the
hearing will focus specifically on the
Department’s Regulatory Impact
Analysis, which addresses the effects of
conflicts of interest in the market for
retirement investment advice and the
need for regulation, the anticipated
economic effects of the proposal, and
the relative merits of certain regulatory
alternatives. Thus, a portion of the
hearing will be dedicated to testimony
from panels of witnesses who
specifically request an opportunity to
present testimony focused on just the
Department’s Regulatory Impact
Analysis. Persons or organizations who
want to have a witness testify during
this portion of the hearing should so
state in their request to testify and
should limit the outline for that witness’
testimony accordingly.
Depending upon the number and
nature of the requests to testify, and in
light of the limited time and space
available for the public hearing, EBSA
may need to limit the number of those
testifying in order to provide an
opportunity for the presentation of the
broadest array of points of view on all
aspects of the proposal during the
period allotted for the hearing. The
Department expects to organize the
hearing into panels of witnesses with
three or more witnesses on each panel.
The Department will give preference in
assigning panel slots to those persons or
organizations who have submitted
substantive comment letters regarding
the proposals by the close of the
comment period on July 21. The
Department will also give preference, to
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Federal Register / Vol. 80, No. 117 / Thursday, June 18, 2015 / Proposed Rules
the extent feasible, to parties with
similar interests who select a common
representative to testify on their behalf.
Any persons not afforded an
opportunity to testify will still have an
opportunity to submit a written
statement on the issues specified in
their request to testify. Such statements
will be included in the record.
To facilitate the receipt and
processing of requests to testify, EBSA
encourages interested persons to submit
their request to testify at the hearing and
outlines by email to e-ORI@dol.gov,
subject line: Conflict of Interest Rule
Hearing. Persons submitting requests
and outlines electronically should not
submit paper copies. Persons submitting
requests and outlines on paper should
send or deliver their requests and
outlines to the Office of Regulations and
Interpretations, Employee Benefits
Security Administration, Attn: Conflict
of Interest Rule Hearing, Room N–5655,
U.S. Department of Labor, 200
Constitution Avenue NW., Washington,
DC 20210. All requests and outlines
submitted will be available to the
public, without charge, online at
https://www.dol.gov/ebsa and at the
Public Disclosure Room, N–1515,
Employee Benefits Security
Administration, U.S. Department of
Labor, 200 Constitution Avenue NW.,
Washington, DC 20210.
EBSA will prepare an agenda
indicating the order of presentation of
oral testimony. In the absence of special
circumstances, each presenter will be
allotted ten (10) minutes in which to
complete his or her presentation. Those
individuals who make oral comments
and present testimony at the hearing
should be prepared to answer questions
regarding their information and
comments. Those requesting to testify
also should be prepared to participate as
part of a panel. Information about the
agenda for the hearing will be posted on
https://www.dol.gov/ebsa no later than
August 3, 2015.
The hearings will be open to the
public, but seating will be limited and
will be provided on a first-come, firstserve basis. Witnesses and persons
accompanying witnesses will be given
priority in seating. To expedite visitor
security access entrance into the
building, individuals planning to attend
the hearing can provide contact
information by email to e-ORI@dol.gov,
and arrive at least 20 minutes prior to
the start of the hearing.
Notice of Public Hearing
Notice is hereby given that a public
hearing will be held on August 10, 11,
and 12, and continuing through August
13, 2015 (if necessary) concerning the
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14:59 Jun 17, 2015
Jkt 235001
proposed Conflict of Interest Rule and
proposed prohibited transaction
exemptions published in the Federal
Register on April 20, 2015 (80 FR
21928). The hearing will be held
´
beginning at 9 a.m. EDT in the Cesar E.
´
Chavez Memorial Auditorium of the
U.S. Department of Labor, Frances
Perkins Building, 200 Constitution
Avenue NW., Washington, DC 20210.
Notice of Extension of Comment Period
Notice is hereby given that the period
for submitting comments on the
proposed Conflict of Interest Rule and
proposed prohibited transaction
exemptions published in the Federal
Register on April 20, 2015 (80 FR
21928, et seq.) is being extended until
July 21, 2015. Information on how to
submit comments by email, mail, by
hand, or by courier is in the Notice of
Proposed Rulemaking and Notices of
Proposed Exemptions published in the
Federal Register on April 20, 2015.
Those documents are also available
electronically at www.dol.gov/ebsa/regs/
conflictsofinterest.html. All comments
will be available to the public, without
charge, online at https://
www.regulations.gov and https://
www.dol.gov/ebsa or at the Public
Disclosure Room, N–1513, Employee
Benefits Security Administration, U.S.
Department of Labor, 200 Constitution
Avenue NW., Washington, DC 20210.
Warning: Do not include any personally
identifiable information (such as name,
address, or other contact information) or
confidential business information that
you do not want publicly disclosed. All
comments may be posted on the Internet
and can be retrieved by most Internet
search engines. Comments may be
submitted anonymously.
Signed at Washington, DC, this 12th day of
June, 2015.
Phyllis C. Borzi,
Assistant Secretary for Employee Benefits
Security, Department of Labor.
[FR Doc. 2015–14921 Filed 6–16–15; 8:45 am]
BILLING CODE 4510–29–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 228
[EPA–R06–OW–2015–0121; FRL–9929–30–
Region 6]
Ocean Dumping: Proposed
Modification of Final Site Designation
Environmental Protection
Agency (EPA).
ACTION: Proposed rule.
AGENCY:
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34871
The Environmental Protection
Agency EPA proposes to modify the use
restrictions of the Galveston, TX
Dredged Material Site, Freeport Harbor,
TX, New Work (45 Foot Project),
Freeport Harbor, TX, Maintenance (45
Foot Project), Matagorda Ship Channel,
TX, Corpus Christi Ship Channel, TX,
Port Mansfield, TX, Brazos Island
Harbor, TX and Brazos Island Harbor
(42-Foot Project), TX Ocean Dredged
Material Disposal Sites (ODMDSs)
located in the Gulf of Mexico offshore
of Galveston, Freeport, Matagorda,
Corpus Christi, Port Mansfield and
Brownsville, Texas, respectively. These
sites are EPA designated ocean dumping
sites for the disposal of suitable dredged
material. This proposed action is being
taken because there are current
restrictions in place with language that
prevent disposal of suitable dredged
material from locations other than the
federal channels. The United States
Army Corps of Engineers Galveston
District has requested EPA amend the
restrictions to allow disposal of suitable
dredged material from the vicinity of
federal navigation channels to alleviate
pressure on the capacity of their upland
dredged material placement areas, when
necessary.
DATES: Comments. Comments on this
proposed rule must be received on or
before August 3, 2015.
ADDRESSES: Submit your comments,
identified by Docket No. EPA–R06–
OW–2015–0121, by one of the following
methods:
Federal e-Rulemaking Portal: https://
www.regulations.gov; follow the online
instruction for submitting comments.
• Email: Dr. Jessica Franks at
franks.jessica@epa.gov.
• Fax: Dr. Jessica Franks, Marine and
Coastal Section (6WQ–EC) at fax
number 214–665–6689.
• Mail: Dr. Jessica Franks, Marine and
Coastal Section (6WQ–EC),
Environmental Protection Agency,
Mailcode: (6WQ–EC), 1445 Ross
Avenue, Suite 1200, Dallas, Texas
75202–2733.
Instructions: Direct your comments to
Docket No. EPA–R06–OW–2015–0121.
EPA’s policy is that all comments
received will be included in the public
docket without change and may be
made available online at
www.regulations.gov, including any
personal information provided, unless
the comment includes information
claimed to be Confidential Business
Information (CBI) or other information
whose disclosure is restricted by statute.
Do not submit information that you
consider to be CBI or otherwise
protected through www.regulations.gov
SUMMARY:
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]]>Agencies
[Federal Register Volume 80, Number 117 (Thursday, June 18, 2015)]
[Proposed Rules]
[Pages 34869-34871]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14921]
=======================================================================
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EMPLOYEE BENEFITS SECURITY ADMINISTRATION
29 CFR Parts 2509, 2510, and 2550
RIN 1210-AB32; 1210-ZA25
Hearing on Definition of the Term ``Fiduciary''; Conflict of
Interest Rule-Retirement Investment Advice and Related Proposed
Prohibited Transaction Exemptions
AGENCY: Employee Benefits Security Administration, Labor.
ACTION: Notice of hearing and extension of comment period.
-----------------------------------------------------------------------
SUMMARY: Notice is hereby given that the Employee Benefits Security
Administration (EBSA) will hold a public hearing on August 10, 11, and
12, and continuing through August 13, 2015 (if necessary) to consider
issues attendant to adopting a regulation concerning its proposed
conflict of interest rule and related proposed prohibited transaction
exemptions. The Department also is extending the date by which comments
may be submitted on the proposed rule and proposed new and amended
exemptions. Public comments on the proposals may now be submitted to
the Department on or before July 21, 2015.
DATES: The comment periods for the proposed rule and six proposed
prohibited transaction exemptions published on April 20, 2015 (80 FR
21928, 21960, 22004, 22034, 22010, 22021, and 21989) have been
extended, and comments on the proposals must be received on or before
July 21, 2015. The hearing will be held on August 10, 11, and 12, and
continuing through August 13, 2015 (if necessary) beginning each day at
9 a.m. EDT.
ADDRESSES: The hearing will be held in the C[eacute]sar E.
Ch[aacute]vez Memorial Auditorium at the U.S. Department of Labor,
Frances Perkins Building, 200 Constitution Avenue NW., Washington, DC
20210. You may submit a request to testify at the hearing by any of the
following methods:
Email to e-ORI@dol.gov, subject line: Conflict of Interest
Rule Hearing.
Mail: Office of Regulations and Interpretations, Employee
Benefits Security Administration, Attn: Conflict of Interest Rule
Hearing, Room N-5655, U.S. Department of Labor, 200 Constitution Avenue
NW., Washington, DC 20210.
Requests to testify must be received by 5:00 p.m. EDT, July 24, 2015.
You may submit comments on the proposed rule and proposed
prohibited transaction exemptions by the methods identified below.
For the proposed rule, identified by RIN 1210-AB32, by any of the
following methods:
Federal eRulemaking Portal: https://www.regulations.gov. Follow
instructions for submitting comments.
Email: e-ORI@dol.gov. Include RIN 1210-AB32 in the subject line of
the message.
Mail: Office of Regulations and Interpretations, Employee Benefits
Security Administration, Attn: Conflict of Interest Rule, Room N-5655,
U.S. Department of Labor, 200 Constitution Avenue NW., Washington, DC
20210.
Hand Delivery/Courier: Office of Regulations and Interpretations,
Employee Benefits Security Administration, Attn: Conflict of Interest
Rule, Room N-5655, U.S. Department of Labor, 200 Constitution Avenue
NW., Washington, DC 20210.
For the proposed prohibited transactions exemptions, identified by
RIN 1210-ZA25, by any of the following methods:
Federal eRulemaking Portal: https://www.regulations.gov at Docket ID
number: EBSA-2014-0016. Follow the instructions for submitting
comments.
Email to: e-OED@dol.gov. Include RIN 1210-ZA25 in the subject line
of the message.
Fax to: (202) 693-8474. Include RIN 1210-ZA25 in the subject line
of the message.
Mail: Office of Exemption Determinations, Employee Benefits
Security Administration, U.S.
[[Page 34870]]
Department of Labor, 200 Constitution Avenue NW., Suite 400, Washington
DC 20210. Please include the application number(s) of the proposed
prohibited transaction exemption upon which you are commenting: D-
11712; D-11713; D-11687; D-11327; D-11820; or D-11850; or any
combination thereof.
Hand Delivery/Courier: Office of Exemption Determinations, Employee
Benefits Security Administration, U.S. Department of Labor, 122 C St.
NW., Suite 400, Washington DC 20001. Please include the application
number(s) of the proposed prohibited transaction exemption upon which
you are commenting: D-11712; D-11713; D-11687; D-11327; D-11820; or D-
11850; or any combination thereof.
FOR FURTHER INFORMATION CONTACT: Fred Wong, Office of Regulations and
Interpretations, Employee Benefits Security Administration (EBSA),
(202) 693-8510. This is not a toll-free number.
SUPPLEMENTARY INFORMATION: EBSA published in the Federal Register on
April 20, 2015, a proposed rule that, upon adoption, would define who
is a ``fiduciary'' of an employee benefit plan under the Employee
Retirement Income Security Act of 1974 (ERISA) as a result of giving
investment advice to a plan or its participants or beneficiaries. The
proposal also applies to the definition of a ``fiduciary'' of a plan,
including an IRA, under section 4975 of the Internal Revenue Code
(Code).\1\ If adopted, the proposal would treat persons who provide
investment advice or recommendations to an employee benefit plan, plan
fiduciary, plan participant or beneficiary, IRA, or IRA owner as
fiduciaries in a wider array of advice relationships than the existing
ERISA and Code regulations, which would be replaced. In the same
edition of the Federal Register as the proposed regulation, EBSA also
proposed new exemptions and amendments to existing exemptions from the
prohibited transaction rules applicable to fiduciaries under ERISA and
the Code. If adopted, these proposals would allow certain broker-
dealers, insurance agents, and others that act as investment advice
fiduciaries to continue to receive many common forms of compensation
that otherwise would be prohibited as conflicts of interest. The
proposed rule, and related exemptions, would increase consumer
protection for plan sponsors, fiduciaries, participants, beneficiaries,
and IRA owners. For a full discussion of the proposed rule changes see
80 FR 21928 or visit EBSA's Web site at https://www.dol.gov/ebsa, see
Proposed Rules. For a full discussion of the proposed prohibited
transaction exemptions and amendments to existing exemptions, see 80 FR
21960, et seq., or visit EBSA's Web site at https://www.dol.gov/ebsa
(see Proposed Rules).
---------------------------------------------------------------------------
\1\ Under section 102 of Reorganization Plan No. 4 of 1978, the
authority of the Secretary of the Treasury to interpret section 4975
of the Code was transferred, with certain exceptions not here
relevant, to the Secretary of Labor. References in this document to
sections of ERISA should be read to refer also to the corresponding
sections of the Code.
---------------------------------------------------------------------------
Since publication in the Federal Register, there has been
considerable interest expressed in the proposed rule, the related
proposed prohibited transaction exemptions, and the accompanying
Regulatory Impact Analysis, as well as several public comments
requesting an extension of the comment period. The April 20 Federal
Register documents provided a 75-day public comment period and required
public comments to be submitted on or before July 6, 2015. Although the
proposed rule included a 75-day comment period from the date of
publication, the Department made clear that the opportunity for public
input would not end after 75 days.
In order to ensure that interested persons have sufficient time to
share their views on the proposed rule and proposed new and amended
prohibited transaction exemptions, EBSA is extending the comment period
for submitting comments until July 21, 2015.
The Federal Register documents published on April 20 also explained
that the Department intended to hold a public hearing within 30 days of
the close of the initial comment period, after which the comment period
will reopen until approximately two weeks after the hearing transcript
is published--a process that we anticipate will provide an additional
30 to 45 days of public comment.
The hearing on this proposed rulemaking will be held on August 10,
11, and 12, and continuing through August 13, 2015 (if necessary)
beginning each day at 9 a.m. EDT, in the C[eacute]sar E. Ch[aacute]vez
Memorial Auditorium of the U.S. Department of Labor, Frances Perkins
Building, at 200 Constitution Avenue NW., Washington, DC 20210. The
hearing will be transcribed and the comment period will remain open
after the conclusion of the hearing until 14 days after the official
transcript is posted on EBSA's Web site. Thus, with the 15-day
extension of the public comment period announced in this document, the
initial comment period will be more than 90 days and, following the
public hearing and opening of the comment period until 14 days after
the hearing transcript is posted, we anticipate the opportunity for
public testimony and comments may be more than 140 days in total.
Persons interested in presenting testimony and answering questions
at this public hearing must submit, by 5:00 p.m. EDT, July 24, 2015, a
written request to testify and an outline of the issues they would like
to address at the hearing. In addition to the outline, all requests to
testify must clearly identify: (1) The name of the person desiring to
serve as a witness; (2) the organization or organizations represented,
if any; (3) contact information (address, telephone, and email), and
(4) an indication of whether the person or organization submitted a
written comment on the proposal, and, if so, the date of the comment
letter. The hearing will be open to the general public. Any individuals
with disabilities who need special accommodations should contact EBSA
after submitting their written request to testify concerning the
scheduling of their testimony.
In addition to testimony on the proposed rule and proposed
prohibited transaction exemptions, a portion of the hearing will focus
specifically on the Department's Regulatory Impact Analysis, which
addresses the effects of conflicts of interest in the market for
retirement investment advice and the need for regulation, the
anticipated economic effects of the proposal, and the relative merits
of certain regulatory alternatives. Thus, a portion of the hearing will
be dedicated to testimony from panels of witnesses who specifically
request an opportunity to present testimony focused on just the
Department's Regulatory Impact Analysis. Persons or organizations who
want to have a witness testify during this portion of the hearing
should so state in their request to testify and should limit the
outline for that witness' testimony accordingly.
Depending upon the number and nature of the requests to testify,
and in light of the limited time and space available for the public
hearing, EBSA may need to limit the number of those testifying in order
to provide an opportunity for the presentation of the broadest array of
points of view on all aspects of the proposal during the period
allotted for the hearing. The Department expects to organize the
hearing into panels of witnesses with three or more witnesses on each
panel. The Department will give preference in assigning panel slots to
those persons or organizations who have submitted substantive comment
letters regarding the proposals by the close of the comment period on
July 21. The Department will also give preference, to
[[Page 34871]]
the extent feasible, to parties with similar interests who select a
common representative to testify on their behalf. Any persons not
afforded an opportunity to testify will still have an opportunity to
submit a written statement on the issues specified in their request to
testify. Such statements will be included in the record.
To facilitate the receipt and processing of requests to testify,
EBSA encourages interested persons to submit their request to testify
at the hearing and outlines by email to e-ORI@dol.gov, subject line:
Conflict of Interest Rule Hearing. Persons submitting requests and
outlines electronically should not submit paper copies. Persons
submitting requests and outlines on paper should send or deliver their
requests and outlines to the Office of Regulations and Interpretations,
Employee Benefits Security Administration, Attn: Conflict of Interest
Rule Hearing, Room N-5655, U.S. Department of Labor, 200 Constitution
Avenue NW., Washington, DC 20210. All requests and outlines submitted
will be available to the public, without charge, online at https://www.dol.gov/ebsa and at the Public Disclosure Room, N-1515, Employee
Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue NW., Washington, DC 20210.
EBSA will prepare an agenda indicating the order of presentation of
oral testimony. In the absence of special circumstances, each presenter
will be allotted ten (10) minutes in which to complete his or her
presentation. Those individuals who make oral comments and present
testimony at the hearing should be prepared to answer questions
regarding their information and comments. Those requesting to testify
also should be prepared to participate as part of a panel. Information
about the agenda for the hearing will be posted on https://www.dol.gov/ebsa no later than August 3, 2015.
The hearings will be open to the public, but seating will be
limited and will be provided on a first-come, first-serve basis.
Witnesses and persons accompanying witnesses will be given priority in
seating. To expedite visitor security access entrance into the
building, individuals planning to attend the hearing can provide
contact information by email to e-ORI@dol.gov, and arrive at least 20
minutes prior to the start of the hearing.
Notice of Public Hearing
Notice is hereby given that a public hearing will be held on August
10, 11, and 12, and continuing through August 13, 2015 (if necessary)
concerning the proposed Conflict of Interest Rule and proposed
prohibited transaction exemptions published in the Federal Register on
April 20, 2015 (80 FR 21928). The hearing will be held beginning at 9
a.m. EDT in the C[eacute]sar E. Ch[aacute]vez Memorial Auditorium of
the U.S. Department of Labor, Frances Perkins Building, 200
Constitution Avenue NW., Washington, DC 20210.
Notice of Extension of Comment Period
Notice is hereby given that the period for submitting comments on
the proposed Conflict of Interest Rule and proposed prohibited
transaction exemptions published in the Federal Register on April 20,
2015 (80 FR 21928, et seq.) is being extended until July 21, 2015.
Information on how to submit comments by email, mail, by hand, or by
courier is in the Notice of Proposed Rulemaking and Notices of Proposed
Exemptions published in the Federal Register on April 20, 2015. Those
documents are also available electronically at www.dol.gov/ebsa/regs/conflictsofinterest.html. All comments will be available to the public,
without charge, online at https://www.regulations.gov and https://www.dol.gov/ebsa or at the Public Disclosure Room, N-1513, Employee
Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue NW., Washington, DC 20210. Warning: Do not include
any personally identifiable information (such as name, address, or
other contact information) or confidential business information that
you do not want publicly disclosed. All comments may be posted on the
Internet and can be retrieved by most Internet search engines. Comments
may be submitted anonymously.
Signed at Washington, DC, this 12th day of June, 2015.
Phyllis C. Borzi,
Assistant Secretary for Employee Benefits Security, Department of
Labor.
[FR Doc. 2015-14921 Filed 6-16-15; 8:45 am]
BILLING CODE 4510-29-P
