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The future of the Department of Labor’s (DOL) fiduciary rule could land on the docket of the U.S. Supreme Court now that a federal appeals court has vacated the rule, including the expanded definition of “investment advice fiduciary” and associated exemptions.
On November 27, the U.S. Department of Labor (DOL) announced an 18-month extension—from January 1, 2018 to July 1, 2019—of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption, and of the applicability of certain amendments to Prohibited Transaction Exemption 84-24 (PTEs). This extension follows public comment […]
In a related move just ahead of disclosure of the proposed amendments to the fiduciary rule (See, DOL Seeks 18-Month Delay for Complying with Fiduciary Rule Exemptions), the U.S. Department of Labor (DOL) on August 3 released another set of frequently asked questions (FAQs) about the final fiduciary rule that became applicable on June 9.
The Securities and Exchange Commission (SEC) on June 1 got into the act of examining standards of conduct for investment advisers after long being overshadowed in the area of fiduciary oversight by the U.S. Department of Labor (DOL).