By Sheri A. Creger, CPFA | May 23, 2017
On May 22, our Labor Secretary Alexander Acosta penned an Op-Ed Piece for the Wall Street Journal and “threw in the towel” in his effort to delay the application date of the Fiduciary Rule. Barring any additional developments or further delays, the Fiduciary Rule will now become applicable, as scheduled, on June 9, although certain provisions do not become applicable until January 2018.
In the Wall Street Journal piece, Acosta indicated that the Department of Labor “carefully considered the record in this case, and the requirements of the Administrative Procedure Act, and have found no principled legal basis to change the June 9 date while we seek public input. Respect for the rule of law leads us to the conclusion that this date cannot be postponed.”
The DOL has prepared updated guidance regarding the rule on their website, including FAQs.