Since the Presidential memo on February 3rd we have all been waiting on pins and needles for the next action. Today as a first step the DOL issued a 60 day delay.
"The U.S. Department of Labor has announced a proposed extension of the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10 to June 9, 2017."
"The proposed extension is intended to give the department time to collect and consider information related to the issues raised in the memorandum before the rule and exemptions become applicable."- Department of Labor
Check out some of the news articles below to learn more.
"The proposed rule – if adopted, published, made effective, and not enjoined – would extend the applicability date of the 2016 investment-advice fiduciary rule from April 10 to June 9, 2017. It would likewise extend the expiration date of the 1975 investment-advice fiduciary rule. The proposed rule would extend the availability date of the Best Interest Contract Exemption from April 10 to June 9, 2017. Likewise, relevant dates for other new and revised exemptions published on April 8, 2016 would change to June 9, 2017.” - Fiduciary Expert Peter Gulia via Forbes
Investment News: DOL Proposes 60-Day Delay to Fiduciary Rule
Market Watch: Labor Department Proposes Fiduciary Rule Delay
Think Advisor: DOL Proposes 60-Day Fiduciary Rule Delay
Life Health Pro: DOL Proposes 60-Day Fiduciary Rule Delay