16 January 2018

DOL Delays Fiduciary Rule Until 2015

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The so-called DOL “conflict of interest rule for investment advice” — formerly known as the fiduciary redefinition rule — has been delayed until January 2015. The delay was revealed in a May 23 Federal Register posting of the DOL’s semiannual regulatory agenda.

Speaking at a Washington, DC legislative update meeting on May 5, EBSA Director Phyllis Borzi had said that while there is no set date for the redefinition of fiduciary rule, she will not wait forever. A BNA blogger quoted Borzi as saying that she has slowed the process to accommodate further industry input.

“Given the politics and the upcoming elections, this is not a surprise,” NAPA CEO and Executive Director Brian Graff commented. Most insiders had predicted that the rule would not be released before the congressional elections in November.

Click here for the original article from NAPA Net.

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