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"We
are encouraged that the DOL has taken important steps to
establish meaningful protections for retirement investors while
making the final rule more workable," McNabb said in a statement
posted online.
The Obama administration on Wednesday unveiled its final version
of a retirement advice rule aimed at ensuring that
broker-dealers put their clients' interests ahead of their own
profits, though it was softened in response to industry
complaints.
Vanguard, a major manager of retirement investments that
oversees more than $3 trillion in assets, had criticized an
earlier version of the proposal as being applied too broadly to
its activities and to situations in which investors would not
reasonably expect that they were receiving investment advice.
Yet Vanguard said the new rule makes disclosure and contract
requirements "more practical and easier to follow."
"All of the effort within the industry to improve the DOL
proposal appears to have produced positive results," according
to John Schadl, a member of the company's legal department,
according to a statement also posted online.
The company praised the government's efforts to align its rules
better with existing standards laid out by other regulatory
bodies, although Vanguard said "the DOL could have done more to
harmonize these standards."
The Valley Forge, Pennsylvania-based company said it has not
fully reviewed the 1,023 pages of rules the department released.
"It is almost certain that we will find provisions of the new
rule that will adversely affect some within the industry,"
Schadl said in the statement.
(Reporting by Trevor Hunnicutt; Editing by Steve Orlofsky and
Dan Grebler)
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