Fred Reish Quoted in ThinkAdvisor on DOL’s New Fiduciary Rule Release Date

Los Angeles partner Fred Reish was quoted in a ThinkAdvisor article titled “DOL Fiduciary Rule Release Set for December.” The article discusses how the Labor Department is scheduled to issue a notice of proposed rulemaking regarding a new fiduciary rule in December, according to the department’s spring regulatory flexibility agenda.

The article notes that dates set out in reg flex agendas are traditionally placeholders, and may not reflect the actual date that fiduciary guidance would be released. However, an earlier unveiling could be likely given that the SEC’s advice standards package, which includes Regulation Best Interest, is expected to come up for a vote before the commission the week after Memorial Day or the week of June 3.

Fred points out that the notice of proposed rulemaking as stated in the reg flex agenda “means that the DOL anticipates issuing proposals,” with a comment period to take place “before Labor goes to work on the final guidance.” “The SEC has shared a version of the final [advice-standard] rules with the DOL and Labor is working on a proposed regulation defining fiduciary advice and a proposed prohibited transaction exemption,” Fred said.