DOL Announces That It Will Not Take Enforcement Action in Regard to Compliance with the New Fiduciary Rule As Potential Repeal or Modification Remains Under Review

March 13, 2017

The U.S. Department of Labor issued Field Assistance Bulletin 2017-01 (FAB) on March 10, 2017. The FAB announced a temporary enforcement policy pursuant to which the DOL will not initiate any enforcement action under its new Fiduciary Rule (i) because of any "gap"-period noncompliance, if the April 10, 2017 applicability date of the rule is not extended until after April 10, or (ii) if the applicability date is ultimately not extended, provided that there is compliance with the rule within a reasonable period.

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