DOL Finalizes Rule To Delay Fiduciary Rule Applicability Date To June 9
All other requirements of the DOL fiduciary rule are not applicable until 1/1/2018 – and that date may also slip, depending upon the findings of the Department once their impact analysis is completed. If the Department finds the rule has limited access to advice, increased costs of advice, created market disruption or increased litigation risk, the Department must revise or rescind the rule, according to the directive from the White House.
Prospects: DOL may need more time to complete the new analyses required by the presidential directive. On the other hand, the agency is under pressure to determine its next course of action (rescission of the rule, modification of the rule, or finalization of the rule as it was issued on April 8, 2016) as soon as possible.
NAIFA Staff Contact: Judi Carsrud, Director –Government Relations.