DOL Fiduciary News: March 30, 2017
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DOL Sends Final Fiduciary Rule Delay Request to OMB
ThinkAdvisor; March 29, 2017
The Department of Labor has sent to the Office of Management and Budget its final rule requesting a 60-day delay to the implementation date of its fiduciary rule.
The rule must be approved by OMB. Once approved, it will be sent back to Labor for publication in the Federal Register.
Labor announced on March 1 its proposed rule to extend for 60 days — from April 10 to June 9 — the applicability date of its fiduciary rule under the Employee Retirement Income Security Act.
Pro-investor reforms take hold, despite Trump intervention
FinancialTimes; March 30, 2017
Attempts by President Donald Trump’s administration to block a new pro-investor law are unlikely to prevent the industry from moving to a business model where advisers put their clients’ interests first.
When the US Department of Labor (DoL) last year unveiled its fiduciary rule — which compels retirement advisers to put their clients’ interests before their own — many investors were surprised to find it was not already a requirement for all advisers. At the time, it was widely unknown that while advisers registered with the Securities and Exchange Commission were required to act in their clients’ best interests, those working for broker-dealers were required only to give investment advice that was suitable for their clients.