The Department of Labor (DoL
) has decided to give broker-dealers and other retirement plan and wealth management industry players a little more time to prepare for the fiduciary reg. Fiduciary reg limbo
This morning the regulatory agency proposed
a two-month pushback of the starting implementation date, to June 9. The reg had been scheduled to start taking effect on April 10.
You have 15 days to comment on the 31-page proposed extension
and 45 days to comment on U.S. President Donald Trump's executive memorandum
on the subject, issued
on February 3.
The DoL's proposal comes less than two weeks after DoL Secretary nominee Andy Puzder withdrew his name from consideration
and Trump nominated
law school dean Alex Acosta
in Puzder's place. No confirmation hearings for Acosta have yet been scheduled, and in the meantime longtime DoL staff Edward Huglar
serves as Acting Secretary of Labor.
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