Comment from CBOE Holdings Chief Executive Officer Edward T. Tilly on the Department of Labor Fiduciary Proposal:
“The DOL Fiduciary Proposal raised significant issues for the U.S. options industry. CBOE’s foremost concern was that the Proposal would eliminate the ability of investors to use exchange-traded options and futures in ERISA plans (401(k)) and IRAs. We are pleased that in response to comments from various parties, including CBOE, our customers and the U.S. Securities Markets Coalition, the Proposal was modified to cover all asset types, including options and futures. CBOE is grateful to members of Congress, from both sides of the aisle, who took the time to study this complex issue and to sign letters to the DOL in support of our position. We are also grateful to the DOL for understanding and ultimately addressing the importance of allowing investors to continue to use exchange-traded options and futures in their retirement accounts and IRAs,” said Edward T. Tilly, CEO of CBOE Holdings.
Background information on the Proposal, including the final rule, can be found at:
http://www.dol.gov/protectyoursavings/
https://s3.amazonaws.com/public-inspection.federalregister.gov/2016-07925.pdf