DOL Proposes Delay for Fiduciary Duty Rule Applicability
03/13/17 – The U.S. Department of Labor (DOL) proposed to extend the applicability date for the Fiduciary Duty Rule.
The proposed rule would extend the applicability date for the Fiduciary Duty Rule from April 10 to June 9, 2017. The purpose of the extension is to give the DOL time to respond to a presidential memorandum that directed the DOL to determine whether the Fiduciary Duty Rule would harm the ability of Americans to obtain retirement information and financial advice. The DOL also is required to draft an updated economic and legal analysis of the rule’s likely impact.
Comments on the proposed extension of the effective date are due 15 days after the proposed rule’s March 2nd publication in the Federal Register (March 17, 2017), and comments on the examination required by the presidential memorandum are due 45 days after the proposed rule’s publication (April 17, 2017).