- On March 6, 2017
- DOL proposes to delay ruling from April 10th to June 9th. The proposed delay will not be effective until the DOL issues a final rule. Some were anticipating a 180 day delay but the DOL cited costs of delay for limiting delay to 60 days.
- Rule delay next steps is an open comment period ending March 17th, the delay will need to be submitted for review and approval to the OMB, and then for the delay to be adopted it will need to be published in the Federal Register.
- SEC Chairman Michael Piwowar is not a fan of the DOL fiduciary rule saying, “I have a very nuanced view of the DOL fiduciary rule. I think it is a terrible, horrible, no-good, very bad rule. For me that rule was never about investor protection. To me, that rule, it was about one thing and it was about enabling trial lawyers to increase profits.”
- Merrill Lynch head, Andy Sieg indicated changes could be possible to their new policies on commission based accounts if the rule is delayed or overturned.
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