UPDATE: DOL Officially Announces Delayed Effective Date for New Fiduciary Rules

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In our Compliance Buzz yesterday, we discussed temporary policies put in place by the Department of Labor (DOL) and Internal Revenue Service to address uncertainty in the market and among investors and financial professionals caused by the DOL’s delay in finalizing a proposed rule to extend the effective date of new fiduciary rules and related prohibited transaction exemptions (PTEs) from April 10, 2017 to June 9, 2017. The new fiduciary rules would require advisors to retirement investors to act like fiduciaries and adhere to “impartial conduct standards” when providing investment advice. Yesterday evening, however, the DOL officially announced that it would, in fact, delay the effective date of the new rules and PTEs until June 9, 2017. The final rule providing for the delay will be published in the Federal Register no later than April 7.

Categories: | Tags: fiduciary , fiduciary rules , DOL , prohibited transaction exemptions , Department of Labor | Return