The Department of Labor has received OMB certification, and sought expedited notice-and-comment, for a rule change that would postpone the full implementation deadline for its Fiduciary Rule from January 1, 2018 until July 1, 2019.
The DOL's Fiduciary Rule became effective June 9, but its transition-period deadline for full implementation of the Best Interest Contract and other requirements was set for January 1, 2018.
This week, the agency published, for quick comment, a proposed rule change extending that full-implementation through July 1, 2019. DOL says it needs the ...
The US Department of Labor today proposed a 60-day extension (through June 9) for the effective date of its Fiduciary Duty Rule and related exemptions.
The extension would give DOL some time to complete the re-analyses directed in the President's February 3 Memo. The Memo directs DOL to examine whether the Rule "may adversely affect access to retirement advice and requires an updated economic and legal impact analysis. We discussed that Memo here: 2017/02/09/dol-fiduciary-rule-still-april-10-implementation/
The Department will collect public comment on the proposed ...
In 2016, the U.S. Department of Labor (DOL) issued its final rule expanding the "investment advice fiduciary" definition under ERISA and modified the complex of prohibited transaction exemptions for investment activities as a result of the expanded definition. The new rule is scheduled to be implemented starting on April 10, 2017.
There are many opponents to the new rule, who argue that it is one of the most costly, burdensome regulations to be implemented. Joe Wilson, a Republican Congressman from South Carolina, has recently introduced the Protecting American Families ...
On April 6, 2016, the U.S. Department of Labor ("DOL") issued its final rule expanding the definition of the "investment advice fiduciary" under the Employee Retirement Income Security Act of 1974 ("ERISA") and modifying the exemptions for investment activities. The new rule will be phased in starting in April 2017, and it is anticipated to draw battles over its expansion of the circumstances under which providing investment advice could give rise to a fiduciary duty. Specifically, by expanding the definition of a fiduciary, the rule casts a wide net in assigning fiduciary ...
Last week, industry groups filed two suits seeking to block the Labor Department's new fiduciary rule governing IRA and other retirement-fund investment recommendations.
In the first, the U.S. and several local Texas Chambers of Commerce and the Securities & Financial Markets Association filed suit in Dallas (in the conservative Fifth Circuit). The suit calls the rule-making a usurpation of SEC authority (and Dodd-Frank's specific authorization of the SEC to promulgate uniform fiduciary standard) that deliberately adopts an unworkable rule, then conditions exemptions from ...
The U.S. Department of Labor ("DOL") recently heard public comment[1] to its proposed regulatory changes implementing a fiduciary duty on any individual receiving compensation for advice tailored to a plan sponsor, participant or individual retirement account owner if that advice seeks to assist the recipient in retirement planning decisions.[2] Currently, a customer does not have a specific private right of action for a breach of contract or a breach of fiduciary duty toward the investment selections within an ERISA plan or an individual retirement account. Put another way ...