The Department of Labor announced an 18-month delay of some of the provisions of the fiduciary rule.
In a document, the DOL said it is extending the special transition period of sections II and IX of the Best Interest Contract Exemption and section VII of the Class Exemption for Principal Transactions in Certain Assets between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs. The document also delays the applicability of certain amendments to Prohibited Transaction Exemption 84-24.
The DOL says it’s granting the delay because without one, “consumers may face significant confusion, and regulated parties may incur undue expense to comply with conditions or requirements that the Department ultimately determines to revise or repeal.”
The new compliance date has been moved from January 1, 2018 to July 1, 2019.