The Department of Labor has received OMB certification, and sought expedited notice-and-comment, for a rule change that would postpone the full implementation deadline for its Fiduciary Rule from January 1, 2018 until July 1, 2019.
The DOL’s Fiduciary Rule became effective June 9, but its transition-period deadline for full implementation of the Best Interest Contract and other requirements was set for January 1, 2018.
This week, the agency published, for quick comment, a proposed rule change extending that full-implementation through July 1, 2019. DOL says it needs the extension to finish its revisions to the Rule, including a hint that it will abolish the class-action non-waiver provisions.
DOL also issued its Field Assistance Bulletin No. 2017-03, officially announcing its non-enforcement policy for the class-action non-waiver provision. That Bulletin is here.
The Rule (extension) proposal is here.