Fred Reish Quoted in ThinkAdvisor and Barron’s About End of DOL’s Fiduciary Rule
Los Angeles partner Fred Reish was quoted in two articles related to the end of the Department of Labor’s (DOL) fiduciary rule. ThinkAdvisor’s “DOL Announces Fiduciary Rule Enforcement Policy” noted that though the DOL did not appeal the 5th Circuit’s decision to vacate the fiduciary rule, financial institutions should still rely on the department’s temporary enforcement policy.
Fred stated that “DOL is saying that it will not enforce prohibited transactions if fiduciary advisors comply with the transition requirements of the exemptions,” and noted that the DOL and IRS will not enforce the prohibited transaction rules against fiduciary advisors who work diligently and in good faith to satisfy the conditions of the Impartial Conduct Standards.
In Barron’s “Kiss the DOL Fiduciary Rule Goodbye,” Fred stated that though the DOL technically has 90 days to request that the U.S. Supreme Court review the 5th Circuit’s ruling, “the prevailing thinking is that the Department will not do that.”
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