The Evolving DOL Fiduciary Rule: Impact on Mutual Fund Distribution and Broker-Dealers Generally

October 06, 2016

The U.S. Department of Labor (DOL) issued the final version of its “fiduciary investment advice” regulation (Final Rule) on April 6, 2016, following a lengthy proposal and re-proposal process. Although the Final Rule reflects various changes from the proposals in response to industry concerns, the Final Rule is nonetheless expected to have a significant impact on the market for retirement investment advice.

The Final Rule expands the universe of those considered to be “fiduciaries” under the Employee Retirement Income Security Act of 1974 (ERISA) through the provision of investment advice. Those newly classified as fiduciaries under the Final Rule will now be subject to the various duties and prohibitions applicable to ERISA fiduciaries, potentially resulting in significant operational changes.

Read "The Evolving DOL Fiduciary Rule: Impact on Mutual Fund Distribution and Broker-Dealers Generally."