The Department of Labor has extended the applicability date for the DOL Fiduciary Rule. Also known as the Conflicts of Interest Rule, this rule was introduced by President Obama to make professionals offering retirement planning advice or offering retirement plans into fiduciaries, requiring them to put the interests of clients above their own.
The rule was supposed to phase in starting April, but the new applicability date extends the effective date by 60 days. The new applicability date for the DOL Fiduciary Rule is June 9, 2017. However, the full applicability date of the rule remains unchanged and is still January 1, 2018. The new transition period for the rule is now between June 9, 2017 and January 1, 2018.
If your firm offers retirement plans or provides retirement planning advice, the DOL Fiduciary Rule may impact what you must do to ensure compliance.
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