Home/Labor Secretary Acosta Declines to Delay the Fiduciary Rule

Labor Secretary Acosta Declines to Delay the Fiduciary Rule

WHAT HAPPENED?

Yesterday, Labor Secretary Acosta confirmed that the Department of Labor (“DOL”) was unable to find “a principled legal basis to change the June 9 implementation date” for the Fiduciary Rule.

NEXT STEPS

Advisers should prepare for partial implementation of the Fiduciary Rule by June 9th. Although the DOL is expected to begin engaging in a new rule-making process that may ultimately rescind the Fiduciary Rule, it is unlikely that the proposal will be published prior to implementation of the Fiduciary Rule. Fairview® will be assisting clients with updating their compliance program in anticipation of the June 9th application date.

Sources: https://www.wsj.com/articles/deregulators-must-follow-the-law-so-regulators-will-too-1495494029

By | 2022-12-19T11:10:34-05:00 May 23rd, 2017|Books and Records, Mutual Fund and Institutional Issues, Private Equity Issues, United States Department Of Labor|

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Founded in 2005 with the goal of developing streamlined solutions for investment advisers, Fairview® is now servicing investment advisers, foundations, and funds with nearly $300 billion in collective assets.