DOL Proposes to Delay Effective Date of New Fiduciary Duty Rules and Related Exemptions

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As we reported in an earlier Compliance Buzz, President Trump issued an executive order in February instructing the Department of Labor (DOL) to review the new fiduciary rules and related prohibited transaction exemptions (PTEs) that were scheduled to take effect on April 10, 2017. In response, the DOL released a proposed regulation last week that would delay the applicability date of the new fiduciary rules and related PTEs until June 9, 2017. The extension would provide the DOL with more time to review the fiduciary rules to determine their impact on investors and retirees. In the meantime, the DOL is soliciting comments on the proposed delay of the effective date, as well as on the new fiduciary rules. Comments on the proposed delay are due by March 17, 2017; comments on the fiduciary rules are due by April 17, 2017.

Categories: Compliance | Tags: fiduciary , fiduciary rules , executive order , DOL , Department of Labor , HSA , Health Savings Accounts | Return