Super-IMOs Get 16 Months To Comply With DOL Rule For Exemption
January 31, 2017 by Cyril Tuohy
Independent marketing organizations will have a 16-month grace period before they have to follow the Department of Labor’s new IMO exemption in the fiduciary rule.
Qualified IMOs only need to show that they are making a good faith effort and are “presently taking steps to put in place the systems necessary” to meet best interest contract standards, and that the IMO “fully intends to comply with all the applicable conditions for such relief after the expiration of the transition period,” DOL documents said.
The period would start with the rule’s effective date of April 10 and expire Aug. 15, 2018.
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