The U.S. Department of Labor issued an 18-month-delay for elements of its fiduciary rule, including provisions such as exemptions for best-interest contracts and principal transactions, as well as amendments to prohibited transaction exemptions, which are now scheduled to take effect on July 1, 2019. The final delay in the implementation of the high-profile rule gives the department additional time to consider feedback and criticism from the industry, while also examining President Donald Trump's concerns regarding the potential cost of compliance for the wealth management industry and investors.
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