DOL delays fiduciary rule by 60 days
INSIGHT ARTICLE |
As widely expected, the Department of Labor (DOL) issued a 60-day delay of the implementation and applicability date of the conflict of interest rule (also known as the ‘fiduciary rule’). The new date is set for June 9, 2017. The delay is scheduled to be published in the Federal Register April 7.
The DOL called for the delay due to President Trump’s February 3 executive order instructing the Secretary of Labor to “…examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice” and to “…prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Duty Rule…”.
It is uncertain at this time whether the rule will be further delayed or terminated as a result of the additional analysis being conducted by the Secretary of Labor. As of now, written disclosure requirements and the full best-interest contract exemption are still scheduled for a Jan. 1, 2018 implementation.
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