On behalf of more than a dozen financial organizations, ADISA co-signed a letter to the Acting Secretary of the Employee Benefits Security Administration requestion an extension from 30 days to 60 days to comment on the Notice of Proposed Rulemaking: Procedures Governing the Filing and Processing of Prohibited Transaction Exemptions Applications. The signatories argue that this NPRM contains substantive provisions that raise novel legal and policy issues, which require substantial time and effort to evaluate and comment on the impact it could have to the regulated community and retirement savors. Furthermore, given these substantive changes, the letter also request that the Department of Labor reexamine its determination that the NPRM is not “significant” under Executive Order 12866.

The letter was signed by the following:

Alternative & Direct Investment Securities Association
American Benefits Council
American Council of Life Insurers
The Employee-owned S Corporations of America
The ESOP Association
Financial Services Institute, Inc.
Finseca
Indexed Annuity Leadership Council
Institute for Portfolio Alternatives
Institute for Portfolio Management
Investment Company Institute
Insured Retirement Institute
National Association of Fixed Annuities
National Association of Insurance and Financial Advisors
Securities Industry and Financial Markets Association
U.S. Chamber of Commerce

You can read the letter in its entirety here.