DOL Sends Mixed Signals With Fiduciary Rule Delay

The delay of the fiduciary rule has been panned by the rule’s supporters and lauded by its opponents – most of them, anyway.

Some opponents of the rule argue that the 60-day delay announced by the U.S. Department of Labor on Tuesday won’t go far enough, as the agency reiterated that elements of the rule expanding the definition of “fiduciary” and establishing standards for impartial conduct will go into effect on the rule’s new applicability date.

“We are concerned that the delay rule contains convoluted extraneous conditions that are not only based on imperfect data but contradicts the intent of the presidential memorandum,” said Kenneth Bentsen Jr., president and CEO of SIFMA, in a statement released Wednesday.

from FA News


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