DOL Pushes Fiduciary Rulemaking Plan To DecemberFinancial Advisor
May 24, 2019
The Department of Labor announced Thursday it had delayed its planned new fiduciary rule by three months—to December—ostensibly to wait for the Securities and Exchange Commission to finalize its own “Best Interest” package of regulations.
The agency’s last fiduciary rule, a 1,000-page effort that was finalized in April 2016, was vacated in the Fifth Circuit Court of Appeals in early 2018. Its new plan can be found in its spring agenda.
The agency’s now-defunct regulation, which for the first time extended a fiduciary standard to brokers who work with retirement plans, was overturned on appeal by the brokerage and insurance industries.
“The department is considering regulatory options in light of the Fifth Circuit opinion,” the DOL said in its agenda notice.