Tag Archives: Fiduciary Rule

DOL’s Fiduciary Rule Transition Period Ends

Impartial Conduct Standards During the transition period, financial institutions and advisers must comply with the “impartial conduct standards” which are consumer protection standards that ensure that advisers adhere to fiduciary norms and basic standards of fair dealing. The standards specifically require advisers and financial institutions to: Give advice that is in the “best interest” of … Continue reading DOL’s Fiduciary Rule Transition Period Ends

Fiduciary Rule Implementation Delayed 18 Months

The Department of Labor (DOL)  issued  a release on Monday and announced  that the full implementation of key provisions of the DOL fiduciary rule would be extended 18-months.   To that end, the DOL’s announcement noted that the compliance date for the fiduciary rule’s special Transition Period for the Best Interest Contract Exemption and the Principal Transactions … Continue reading Fiduciary Rule Implementation Delayed 18 Months

FINRA Revises Rule 4530 to Address New DOL Fiduciary Rule

The Financial Industry Regulatory Authority (FINRA) is amending FINRA Rule 4530  by adding a new Rule 4530 Problem Code to address changes the United States Department of Labor (DOL) has made to its fiduciary rule. The DOL has stated that certain provisions of the fiduciary rule and the related exemptions will become applicable on June … Continue reading FINRA Revises Rule 4530 to Address New DOL Fiduciary Rule

DOL’s fiduciary rule’s definitions applied as of June 9th

On  June 9th , the fiduciary rule’s amended definition of fiduciary advice will first apply and the BIC Exemption and Principal Transactions Exemption will become available to fiduciary advisers. At the outset, however, and for a transition period extending until January 1, 2018, fewer conditions will apply to financial institutions and advisers that seek to … Continue reading DOL’s fiduciary rule’s definitions applied as of June 9th

DOL’s June 9th Compliance Date for the Fiduciary Rule Won’t Be Delayed

In an op-ed published last week in The Wall Street Journal, Labor Secretary Alexander Acosta stated that the Department of Labor (“DOL” or “Department”) will not delay the June 9th compliance date for the DOL fiduciary rule while the Department seeks public input on the rule as laid out in President Donald Trump’s February 3 … Continue reading DOL’s June 9th Compliance Date for the Fiduciary Rule Won’t Be Delayed

Attack on DOL Fiduciary Rule Escalates

The Department of Labor’s (DOL) Fiduciary Rule, which is set to become generally effective on April 10, 2017, has received substantial push-back from the financial industry, including numerous lawsuits and proposed legislation which are questioning the validity of the rule.  However, the attack has been escalated by Rep. Joe Wilson, (R-S.C.), who introduced legislation on … Continue reading Attack on DOL Fiduciary Rule Escalates

Pushback Regarding DOL Fiduciary Rule Continues

On April 6, the U.S. Department of Labor (“DOL”) released the fiduciary rule in its final form. The rule was released after months of public comment, with many of the nation’s insurers, agents, brokers/dealers and trade associations being adamantly against the proposed language.  Under the new rule, the “fiduciary” is defined as a who provides … Continue reading Pushback Regarding DOL Fiduciary Rule Continues

DOL Fiduciary Rule To Be Released As Early As April 14, 2015

It appears that the proposed fiduciary rule submitted by the Department of Labor to the Office of Management and Budget is being fast-tracked and may be released today.  Megan Leonhardt noted in an article on WealthManagement.com that “the proposal was expedited by the OMB after President Barack Obama publically supported the DOL’s efforts in a … Continue reading DOL Fiduciary Rule To Be Released As Early As April 14, 2015

DOL Imposes Disclosure Obligations

  Department of Labor Imposes Significant Disclosure Obligations On Broker-Dealers and  Investment Advisers   The Department of Labor (“DOL”) recently issued interim final regulations under Section 408(b)(2) (the “Rule”) of the Employee Retirement Income Security Act of 1974 (“ERISA”). This amendment is generally considered to be a fee disclosure regulation which will require fiduciaries and … Continue reading DOL Imposes Disclosure Obligations