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Labor Department extends fiduciary rule applicability date

Joe Mont | April 5, 2017

The U.S. Department of Labor has announced a 60-day extension of the applicability dates of its controversial fiduciary rule and related exemptions, including the Best Interest Contract Exemption.

The announcement follows a Feb. 3 presidential memorandum which directed the department to examine the fiduciary rule to ensure that it does not adversely affect the ability of Americans to gain access to retirement information and financial advice.

In April 2016, the Department of Labor finalized a new rule that creates a fiduciary duty for brokers and registered investment advisers who offer retirement advice. It provides exemptions that, if applied for and granted, would allow these advisers to maintain fee-based arrangements.

The Presidential Memorandum directed the Labor Department to review the rule “to determine whether it may adversely affect the...

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