May 23, 2017
Labor Secretary Acosta Declines to Delay the Fiduciary Rule
WHAT HAPPENED?
Yesterday, Labor Secretary Acosta confirmed that the Department of Labor (“DOL”) was unable to find “a principled legal basis to change the June 9 implementation date” for the Fiduciary Rule.NEXT STEPSAdvisers should prepare for partial implementation of the Fiduciary Rule by June 9th. Although the DOL is expected to begin engaging in a new rule-making process that may ultimately rescind the Fiduciary Rule, it is unlikely that the proposal will be published prior to implementation of the Fiduciary Rule. Fairview® will be assisting clients with updating their compliance program in anticipation of the June 9th application date.
Sources: https://www.wsj.com/articles/deregulators-must-follow-the-law-so-regulators-will-too-1495494029
