Fred Reish and members of the Financial Services ERISA Team were featured in several different publications regarding the Department of Labor’s (DOL) proposed delay of the applicability date of the fiduciary advice regulation and related exemptions. The DOL’s proposed delay would extend the applicability date from April 10 to June 9.
PLANADVISER’s article, “Experts Still Expect Private Enforcement of Fiduciary Standard,” quotes from a recent client alert written by Fred Reish, Bruce Ashton and Elise Norcini, and emphasizes the point made in the alert that the latest rulemaking from the DOL "is not an extension of the applicability date ... just a proposal to extend it. It still needs to go through a regulatory process."
A Financial Planning article referenced Fred’s suggestion that the new presidential administration will soon have the leadership in place to impose its philosophy on the DOL: "I believe that the likely outcome is that the DOL re-writes [the rule] in a way that reduces the burden on the financial services sector, but still maintains some of the investor protections. It will be a long, drawn-out process, perhaps lasting a year and a half or more.”
Articles in the National Law Journal and ThinkAdvisor note that industry officials are anticipating a quick confirmation of R. Alexander Acosta to be the next Secretary of Labor, but are skeptical that quick action will be taken by the DOL on modifying or doing away with the rule. Fred said that while the delay can be done by acting DOL leadership, “it will take political leadership to evaluate whether to modify the rule or to kill it. At the least, that means that the secretary needs to be in place.”
Read “Experts Still Expect Private Enforcement of Fiduciary Standard.” [PLANADVISER]
Read “Is there any saving the fiduciary rule?” [Financial Planning]
Read “Quick Confirmation of Acosta for DOL Doesn't Mean Quick Action on Fiduciary Rule.” [The National Law Journal]
Read “Quick Action on DOL Fiduciary Rule Unlikely With Acosta Confirmation.” [ThinkAdvisor]
Read Fred Reish, Bruce Ashton and Elise Norcini’s client alert, “DOL Proposes Delay of Fiduciary Rule Applicability Date.”