Los Angeles partner Fred Reish was quoted in a ThinkAdvisor article titled “DOL Fiduciary Delay Would Be ‘Double-Edged Sword,’ Lawyer Says.” While many people support the Department of Labor’s proposal to delay full implementation of the fiduciary rule until July 1, 2019, others see a downside to the proposal.

Fred noted that the fiduciary regulation and three exemptions – BICE, 84-24 and Principal Transactions – are still in effect, but only the less burdensome transition versions, with the more demanding versions of the exemptions not taking effect until 2019. “Some of the requirements that were pushed out” under Labor’s request to the Office of Management and Budget include “a contract where the advisor is obligated to comply with BICE, warranties of performance by the advisor (and supervisory entity), disclosures, permission of class action lawsuits, and so on,” Fred said.

Read “DOL Fiduciary Delay Would Be ‘Double-Edged Sword,’ Lawyer Says.”

Source: ThinkAdvisor
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