New DOL Best-Interest Rules On The Way, Will Mirror SEC: Analyst
August 27, 2019 by John Hilton
The Department of Labor is expected to release its revised best-interest rules in the coming weeks and the financial services industry should be pleased, said Joshua Waldeser, partner at Drinker Biddle & Reath.
Revised rules are needed after an appeals court tossed out the DOL fiduciary rule one year ago. However, part of the rule had already taken effect, which left a vacuum for regulators to address.
Motivation is high to craft rules that harmonize as much as possible across the financial services’ landscape, Waldbeser told a LIMRA audience during a Thursday webinar. In particular, harmonize with the Securities and Exchange Commission’s Regulation Best Interest.
“I would be surprised if we got to Thanksgiving without something from the DOL,” Waldbeser said. “I think it is in a sense being fast tracked.”