On August 10, MFA submitted a comment letter to the Department of Labor in response to the Department’s request for information on the Fiduciary Rule. In the letter, MFA noted that the Fiduciary Rule has had an adverse effect on the ability of sophisticated IRA investors and small pension plans to invest in private investment funds as many private investment funds have ceased soliciting or accepting new investments from those investors. MFA noted that this result is inconsistent with the policy goals set out in President Trump’s Presidential Memorandum on Fiduciary Duty Rule. Consistent with prior letters, MFA encouraged the Department to address these concerns by revising the final rule to clearly exclude from the scope of the rule: (1) managers and service providers to non-plan asset funds, consistent with Congress’ determination in the Pension Protection Act; and (2) an adviser marketing its services and reporting information relevant to its fund(s) to fund investors and potential investors.
