New DOL Fiduciary Rule Will Be Crushed in Court: SIFMA
January 3, 2024 by Melanie Waddell
The Securities Industry and Financial Markets Association urged the Labor Department on Tuesday to withdraw its new fiduciary rule proposal and warned that it “will not will not survive judicial scrutiny.”
“Virtually the entire proposal is inconsistent” with the U.S. Court of Appeals for the Fifth Circuit’s decision, which overturned Labor’s 2016 fiduciary rule, “including the various new exemption changes, which are overly prescriptive and unnecessary,” SIFMA wrote in its comment letter.
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Originally Posted at Think Advisor on January 2, 2024 by Melanie Waddell.
Categories: Industry Articles