The U.S. Department of Labor (DOL) announced its proposed rule to extend for 60 days the applicability dates of its fiduciary rule and the related prohibited transaction exemptions, including the Best Interest Contract Exemption. The fiduciary rule is meant to ensure that fiduciaries are working in their clients’ best interests and to protect retirement savers. The proposed rule to extend the applicability dates of the fiduciary rule stems from the presidential memorandum that was issued on February 3, 2017, which requested the DOL to further examine the fiduciary rule. The proposal would extend the fiduciary rule’s April 10, 2017 compliance date to June 9, 2017.
The DOL will accept comments on the proposed extension for 15 days from its publication, which is scheduled for March 2, 2017.