DOL Finalizes Rule Delaying the Applicability of the Fiduciary Rule

April 07, 2017

The U.S. Department of Labor finalized a rule on April 4, 2017, (i) generally extending for 60 days, until June 9, 2017, the applicability date of the new fiduciary rule defining who is a fiduciary under ERISA and the Code and of the related Best Interest Contract ("BIC") Exemption, and (ii) providing that compliance with conditions of the BIC Exemption (and with the amendments to Prohibited Transaction Exemption 84-24), other than adherence to the Impartial Conduct Standards, is not required until January 1, 2018.

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