"It’s About Time! DOL Proposes Delay of Fiduciary Rule"

But, as April 10 Nears, Clock Watchers Still “Wound Up”

On March 1, 2017, the Office of the Federal Register issued for public inspection a notice from the Department of Labor to propose a delay of 60 days from the currently scheduled “applicability date” of April 10, 2017 for the much discussed fiduciary rule under ERISA and its related exemptions (“DOL Fiduciary Rule”).  The Department also has opened a 15-day period for notice and comment.   This means that the comment period officially ends only approximately 24 days prior to the originally scheduled applicability date.  

In addition, the Department is seeking comments for a 45-day period on the questions posed by President Trump’s February 3 Memorandum to the Department in which he makes certain inquiries of the DOL Fiduciary Rule.  The Department also requests additional comments on the rule and exemptions to date.

This Stroock Special Bulletin discusses the DOL’s notice, the implications of the proposed delay and next steps for market participants.