The Department of Labor Seeks to Delay the Applicability Date of the Fiduciary Rule by 18 Months

Posted on August 11th, 2017 at 2:55 PM
The Department of Labor Seeks to Delay the Applicability Date of the Fiduciary Rule by 18 Months

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Department of Labor’s delay of the applicability date will extend the full implementation of the Fiduciary Rule from January 1, 2018 to July 1, 2019.  The Department’s decision was publically announced by Labor Secretary Alexander Acosta during a recent court appearance. Secretary Acosta’s appearance in court stemmed from a case brought against the Department by Thrivent Financial for Lutherans. 

In court, Secretary Acosta testified that he had submitted to the Office of Management and Budget proposed amendments to three exemptions of the Fiduciary Rule. These three exemptions include the best-interest contract exemption; the class exemption for principal transactions in certain assets between investment advice fiduciaries and employee benefit plans and IRAs; and prohibited Transaction Exemption 84-24, which deals with annuities.

Moreover, Secretary Acosta stated that the proposed amendments will inevitably extend the transition period and delay the applicability date of the Fiduciary Rule.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, James Eccleston, Eccleston Law LLC

Return to Archive



Fantastic news!!!!  Your professionalism, support and expertise were greatly appreciated.  You made a difficult situation much more bearable.

Marci M.


August 8, 2022
SEC Files Suit Against Georgia Advisor Over Misappropriation of Client Funds

The Securities and Exchange Commission (SEC) is filing suit against a Georgia-based advisor, Christopher Burns, who allegedly misappropriated client funds.

August 5, 2022
SEC Fines RIA $5.8 Million Over 12b-1 Fee Infractions Tied to Wrap Accounts

The Securities and Exchange Commission (SEC) has imposed a $5.8 million fine against Private Advisor Group over 12b-1 fee violations tied to its wrap fee program. 

August 4, 2022
North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

The North Dakota Securities Commissioner’s office is seeking to shut down a small West Fargo-based registered investment adviser (RIA) after its owner allegedly violated state securities laws and improperly took custody of $17.8 million in client funds beginning in 2017.