Newsflash: ERISA's Fiduciary Rule at the Crossroads - DOL Puts the Brakes on Enforcement

March 12, 2017

At the end of last week, on March 10, 2017, the U.S. Department of Labor (the "DOL") issued Field Assistance Bulletin 2017-01 (the "FAB"). The FAB relates to the DOL's proposal, which was published in the Federal Register on March 2, 2017, to delay for 60 days the applicability date of the DOL's new fiduciary "investment advice" rule under the Employee Retirement Income Security Act of 1974, currently set to begin becoming applicable on April 10, 2017. We previously discussed the proposed 60-day delay (to June 9, 2017) in our March 1, 2017 OnPoint.

We have noted at various times that any delay in the applicability date of the rule arguably jeopardizes the viability of the new fiduciary rule and the likelihood that it will ever become applicable. The rule's path is further clouded by the Trump Administration's general antagonism to complicated regulations, as well as specific hostility that has been directed at the rule by at least three senior people in or closely associated with the Administration.

Read "ERISA's Fiduciary Rule at the Crossroads - DOL Puts the Brakes on Enforcement."