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Fiduciary Rule Delay Goes to OMB

March 31, 2017 / Source: Staff | Mar 29, 2017

The Department of Labor has sent a final rule to the Office of Management and Budget to delay the applicability date of the fiduciary rule. OMB will review the rule and, if approved, send it back to the DOL to publish it in the Federal Register. The original proposal called for a 60-day delay of the fiduciary rule to give the department time to collect and consider information related to issues raised in President Donald Trump’s memorandum on the rule, which currently has an applicability date of April 10. But earlier this month, the department issued a field assistance bulletin announcing a temporary enforcement policy. The department says that even if April 10 comes around and a delay hasn’t been finalized, they will not pursue enforcement actions against advisors or firms who fail to satisfy conditions of the rule or prohibited transaction exemptions.