Fiduciary Rule Officially Delayed for 60 Days

DOL officially delays its fiduciary conflict of interest regulation along with the associated prohibited transaction exemptions.

Document Excerpt

This document extends for 60 days the applicability date of the final regulation, published on April 8, 2016, defining who is a “fiduciary” under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. It also extends for 60 days the applicability dates of the Best Interest Contract Exemption and the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs. It requires that fiduciaries relying on these exemptions for covered transactions adhere only to the Impartial Conduct Standards (including the “best interest” standard), as conditions of the exemptions during the transition period from June 9, 2017, through January 1, 2018.

Link
https://s3.amazonaws.com/public-inspection.federalregister.gov/2017-06914.pdf

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