Los Angeles partner Fred Reish and Chicago associate Josh Waldbeser were quoted in a ThinkAdvisor article titled “Critics of DOL Fiduciary Rule Push for Long Delays.” Multiple industry institutions and trade groups have demanded that the DOL delay the implementation of the fiduciary rule.
The rule is currently scheduled to take effect January 1, 2018, but the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association, and the Investment Company Institute have pleaded with the DOL to extend the transition period another 18 to 24 months. Fred said he believed that the Labor Department would issue a proposed delay in September, “give or take 30 days.”
The department issued a two-part request for information (RFI), soliciting comments on whether it should delay the January 1 date. The second part of the RFI ends August 7. Josh shared his prediction that “the DOL is going to have the ammunition it needs this time to delay the rule significantly.” Josh also highlighted the impartial conduct standards and provided a checklist for fiduciary rule compliance in an earlier ThinkAdvisor webcast.