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August 09, 2017

Labor files plan for fiduciary rule delay to July 2019

The Department of Labor yesterday filed a notice of plans to delay implementation of three fiduciary rule exemption changes from Jan. 1, 2018, to July 1, 2019.

The extension will apply to the rule's "best interest contract" and "principal transactions" exemptions. NAFCU urged at least a one-year delay in the rule's implementation in a recent official comment letter.

The fiduciary rule became effective this June 9, but the Labor Department has adopted a temporary enforcement policy. Under this policy, the department will not pursue claims against investment advice fiduciaries until Jan. 1 of next year.

The department, which has been engaged in a lawsuit challenging the fiduciary rule changes, filed its plan to delay the rule changes Wednesday in the U.S. District Court for the District of Minnesota. The notice is expected to appear soon in the Federal Register.

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