November 19, 2009 – Only days after publishing notice of a six-month delay in their effective date, the Department of Labor’s Employee Benefits Security Administration (EBSA) is formally withdrawing its final investment advice regulations. The notice of withdrawal is scheduled to appear in tomorrow’s Federal Register. New proposed regulations will then be issued. According to the [pre-publication] notice viewed by Ascensus, EBSA believes the withdrawn final regulations did not contain adequate safeguards against participants and beneficiaries receiving investment advice tainted by conflicts of interest of those providing the advice. EBSA concluded its withdrawal notice by stating that “Work is currently being completed on those [new] proposed regulations, and the Department anticipates they will be published … shortly.” A link to the notice of withdrawal in tomorrow’s Federal Register will be provided when published.