IAA Alert: April 4, 2017 - DOL Delays Applicability Date of Fiduciary Rule to June 9


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DOL Delays Applicability Date of Fiduciary Rule to June 9

April 4, 2017: Today, the Department of Labor posted its release of a document extending the applicability date of the Fiduciary Rule for 60 days. The release is expected to be formally published in the Federal Register no later than April 7.

The effect of the DOL’s release is to make the new fiduciary definition applicable on June 9, 2017. In addition, the Impartial Conduct Standards in the BIC and Principal Transaction Exemptions will be applicable on June 9. Compliance with the remaining conditions in those exemptions is not required until January 1, 2018. The applicability of other exemptions generally is delayed for 60 days. The DOL states that these delays are necessary to enable the Department to perform the examination required by the Trump Administration’s February 3 memo reopening the rule and to consider possible changes with respect to the rule and exemptions.

 

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