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Labor Dept. maintains scaled-back enforcement while fiduciary rule in limbo

Joe Mont | May 7, 2018

Despite being on the losing end of a legal challenge and amid a presidentially demanded review, the Department of Labor says it will extend temporary enforcement policies related to its fiduciary rule for retirement-focused investing advice. 

The new guidance, in the form of a “Field Assistance Bulletin,” comes as the Securities and Exchange Commission is undergoing a public comment period for its own variation of the rule.

In April 2016, the Labor Department finalized a rule that creates a fiduciary duty for brokers and registered investment advisers who offer retirement advice. The rule expanded the “investment advice fiduciary” definition under the Employee Retirement Income Security Act. In general, fiduciaries are prohibited from receiving commissions, which are considered to present a conflict of interest. The new rule also created a Best Interest...

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