Industry Officials Forecast DOL Fiduciary Rule’s Future
June 1, 2019 by Melanie Waddell
Labor Secretary Alexander Acosta confirmed in early May that the Department of Labor would indeed issue its own fiduciary-related rules. Exactly what form they’ll take remains unclear, but industry officials’ educated guesses surmise that a full-blown fiduciary rule like the one vacated by an appeals court last year is not in the works.
During his testimony before the House Education & Labor Committee on May 1, Acosta said that Labor is collaborating with the Securities and Exchange Commission as it works on its advice-standards package, which includes Regulation Best Interest, and that “based on our collaborative work, we will be issuing new rules in this area.”
SEC Chairman Jay Clayton signaled to reporters after his comments at the Investment Company Institute annual conference in Washington a day later that it wouldn’t be long until Reg BI was before the commission for a vote.
