On April 4, 2017, the Department of Labor (“DOL”) published a final rule delaying by 60 days the applicability date of the DOL Fiduciary Rile and related exemptions. The new initial applicability date is June 9, 2017.
This delay may only be temporary, and the expanded definition and principles-based impartial conduct standards may survive the final rule. It will take some time for further regulatory events to unfold. Much will hinge on the DOL’s review of the rulemaking package in light of the Presidential Memorandum of February 3, 2017. BFSG will continue to monitor this rulemaking and will keep our clients apprised of significant developments.