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

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