New DOL Fiduciary Rule Creating ‘Regulatory Whiplash’: Attorneys
May 3, 2021 by Melanie Waddell
What You Need to Know:
- Labor’s recently released FAQ sets out “next steps” on its fiduciary PTE.
- Labor will institute changes through rulemakings or subregulatory guidance.
- Compliance costs could reach hundreds of millions of dollars, the Eversheds attorneys say.
The Labor Department is setting up “regulatory whiplash” and huge compliance costs by requiring retirement advisors to comply with a new fiduciary prohibited transaction exemption that it plans to eventually amend, attorneys at Eversheds Sutherland warn.