To date, the Fiduciary Rule has survived all challenges. In response to an executive order issued by the President directing the DOL to re-evaluate the rule, the DOL postponed implementation of the more complex provisions of the BIC Exemption and the Principal Transactions Exemption until January 1, 2018, in order to afford the DOL more time to conduct the mandated re-evaluation. However, certain provisions were only delayed for 60 days and are scheduled to be implemented on June 9, 2017.

On May 22, 2017, the DOL announced it did not intend to seek any further delays of the June 9 implementation date. With less than three weeks to go before June 9, it appears unlikely that the initial phase of the Fiduciary Rule will be derailed. For those market participants who have not yet prepared for implementation, the time has come to act.

Read our client alert.