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BREAKING NEWS: DOL Looking to Delay Fiduciary Rule for Another 18 Months

Posted by BSMG on 9 Aug 2017

BREAKING NEWS 8/9/17: The Department of Labor announced today that they are seeking to delay the fiduciary rule until July 2019. "In a brief filed in a Minnesota lawsuit Wednesday, the DOL indicated it had submitted to the Office of Management and Budget a proposal to delay the rule from Jan. 1, 2018, until July 1, 2019. The OMB must review and approve the proposal before it can go into effect." - InvestmentNews

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More DOL Updates: The DOL Fiduciary Rule: 3 Key Issues

"As of Wednesday afternoon, the DOL delay proposal was not included on the OMB's regulatory review list. It could be posted on Thursday morning.

A DOL spokeswoman was not immediately available for comment.

The postponement of the rule is commensurate with the delays that were sought by financial industry opponents of the rule, some of whom asked for an 18-month time-out." - InvestmentNews

In the News:

Labor Department Seeks 18-Month Delay in Fiduciary RuleThe Wall Street Journal
DOL Seeks 18-Month Delay of Fiduciary Rule - InsuranceNewsNet
DOL Seeks 18-Month Delay for Fiduciary Compliance - ThinkAdvisor

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Topics: Fiduciary, DOL, Department of Labor