Fred Reish Quoted in ThinkAdvisor on DOL’s Official Delay of Fiduciary Rule

Los Angeles partner Fred Reish was quoted in a ThinkAdvisor article titled “DOL Officially Delays Start of Fiduciary Rule.” On November 27, the Department of Labor (DOL) announced the official 18-month delay of the fiduciary rule’s full implementation, extending the Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption to July 1, 2019.

Fred noted that while the extension was expected, it should not be viewed as a delay of the fiduciary rule. “[That rule] applied on June 9 of this year and will continue to apply during the extended transition period—until July 1, 2019 and probably thereafter,” Fred said. “In addition, advisors must comply with the Impartial Conduct Standards during the transition period…The burden of proving compliance with those Standards is on the advisor and the advisor’s supervisory financial institution and therefore compliance should be documented.”

Read “DOL Officially Delays Start of Fiduciary Rule.”