DOL Officially Delays Start of Fiduciary Rule
November 27, 2017 | Melanie Waddell | ThinkAdvisor
The Labor Department on Monday announced the official 18-month extension for the start of key provisions of the fiduciary rule.
Labor announced the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption, and of the applicability of certain amendments to Prohibited Transaction Exemption 84-24 (PTEs), will move from the previous Jan. 1, 2018, compliance date to July 1, 2019.
The extension gives Labor time “to consider public comments submitted pursuant to the Department’s July Request for Information, and the criteria set forth in the Presidential Memorandum of Feb. 3, 2017, including whether possible changes and alternatives to exemptions would be appropriate in light of the current comment record and potential input from, and action by, the Securities and Exchange Commission, state insurance commissioners and other regulators,” Labor said in a Monday release.
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