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Emergency Request to Block DOL Fiduciary Rule Filed in Texas Court
ThinkAdvisor; MARCH 14, 2017
The U.S. Chamber of Commerce and industry groups suing the Labor Department over its fiduciary rule in a Texas court filed an emergency request Friday asking a judge to stop the rule from taking effect while they take their case to the U.S. Court of Appeals for the Fifth Circuit.
Judge Barbara M.G. Lynn, in her Feb. 8 decision upholding Labor’s fiduciary rule, said Congress “gave DOL broad discretion” to protect retirement investors. But the nine plaintiffs suing Labor over its fiduciary rule in a Texas court — which includes the Securities Industry and Financial Markets Association as well as the Financial Services Institute — appealed Lynn’s decision on Feb. 25.
DOL must delay the fiduciary rule or cause 'massive confusion'
CNBC.com; March 15, 2017
Tens of millions of retirement savers will soon face noticeable changes to investment services available to them under the Department of Labor's fiduciary rule, which becomes effective in a little more than a month.
The rule basically requires financial advisors to put their clients' best interests ahead of their own profits. The rule is set to become effective on April 10, but the department has proposed a delay in the rule's implementation for a two month comment period.