- On April 3, 2017
- Late yesterday the DOL delayed the implementation of the fiduciary rule.
- The fiduciary rule date has been moved from April 10th to June 9th.
- A transition period for rule exemptions will run from June 1st to January 1, 2018.
- Department said it received 193,000 comment letters on the proposal of which 178,000 opposed any delay to the rule.
- The delay gives the department time to collect and consider information related to President Trump’s memorandum.
Department of Labor’s fiduciary rule blamed for insurers’ massive hit on variable annuity sales. The regulation was the primary factor in the pullback, but other factors have contributed to the multiyear slide. InvestmentNews
DOL fiduciary rule supporters question agency’s quick read of comment letters before sending final delay to OMB. Advocates for the rule say the Trump Department of Labor is moving too quickly. InvestmentNews. InvestmentNews
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