Compliance Alert: Breaking - The DOL Will NOT Delay Fiduciary Rule
On May 22, in an Op-Ed Piece for the Wall Street Journal, Labor Secretary, Alexander Acosta, threw in the towel in his effort to delay the application date of the Fiduciary Rule. Barring any additional developments, the Rule will now become applicable, as scheduled, on June 9, though certain provisions do not become applicable until January, 2018.
In the piece, Acosta indicated that the Department of Labor "carefully considered the record in this case, and the requirements of the Administrative Procedure Act, and have found no principled legal basis to change the June 9 date while we seek public input. Respect for the rule of law leads us to the conclusion that this date cannot be postponed."
The DOL has prepared updated guidance regarding the rule on their website, including FAQs. Stay tuned to Cammack Retirement for continuing developments on this breaking story.
Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.
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