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Labor Dept. seeks to delay fiduciary rule applicability

Joe Mont | March 1, 2017

The move neither kills its controversial fiduciary duty rule, nor does it provide a long-rumored 180-days of compliance relief, but the Department of Labor is nonetheless seeking to delay applicability.

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.

On Wednesday, the Department of Labor announced a proposed extension of the applicability dates for the rule and related exemptions, including the Best Interest Contract Exemption, from April 10 to June 9, 2017.

The proposed extension will be published in the March 2, 2017, edition of the Federal Register. The Department will accept public comments on the proposed extension for 15 days...

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