DOL Seeks 18-Month Delay of Fiduciary Rule
August 10, 2017 by John Hilton
The Department of Labor moved today to delay phase two of the controversial Obama-era fiduciary rule by 18 months, until July 1, 2019.
Phase two of the rule deals with exemptions, which regulate the sale of annuities sold with retirement funds. In particular, the Best Interest Contract Exemption, which requires a financial institution to accept liability for each contract and gives clients the right to sue over investment advice.
Documents were filed today with the Office of Management and Budget to delay phase two from Jan. 1, 2018, until July 1, 2019. The OMB will review the submission for publication in the Federal Register, which, barring any complications, makes the delay official.