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DOL fiduciary rule death meets ‘Back to the Future’ is a must-watch

March 27, 2018

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In a shocker, on March 15 the 5th Circuit Court of Appeals decided to vacate the DOL fiduciary rule. If left to stand, the pre-June 2017 definition of fiduciary would once again be in effect, as would the earlier prohibited transaction exemption landscape, killing the controversial Best Interest Contract Exemption (BICE) in the process.

Whether the embattled DOL fiduciary rule has been dealt a mortal blow by the 5th Circuit hinges largely on whether the DOL (or some other party) decides to appeal the court's decision. Judiciary protocols provide a short window of opportunity for an appeal to be filed. Absent appeal, the ruling is slated to take effect on May 7.

Blaine Aikin, executive chairman of Fi360 and CEFEX, takes us back in time in his latest article for InvestmentNews.

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