Los Angeles partner Fred Reish was featured in a BenefitsPro article titled “Expect delay of fiduciary rule’s full implementation, Fred Reish says.” The article highlights Fred’s blog post, which covers the fiduciary rule, related exemptions and the transition period until full implementation. Fred states that the DOL review of the rule and the requirements of the Administrative Procedures Act (APA) make it highly unlikely that a revised regulation will be finalized before January 1, 2018.
Fred notes that under the APA, a revised regulation would have to be published in the Federal Register by early November. While many in the industry would welcome an extension of the transition period, Fred says that many of the rule's core principles are here to stay.
“By a year from now, financial services companies will be in compliance with the fiduciary standard and fiduciary advice will become the standard course of business,” Fred writes. “The fiduciary standard will have become the norm.” Fred expects that the transition period will be extended, perhaps for as much as a year.