DOL Issues Request For Information Regarding Fiduciary Rule

On June 29, 2017, the Department of Labor ("DOL") issued a Request for Information ("RFI") in connection with its examination of the Final Fiduciary Rule, which was published on April 8, 2016, and became applicable on June 9, 2017.  The Best Interest Contract ("BIC") Exemption and Principal Transaction Exemption also became applicable on June 9, 2017; however, most of the compliance requirements for such exemptions were postponed.  Fiduciaries only need comply with the impartial conduct standards in order to utilize these exemptions during a transition period currently set to expire on January 1, 2018.

The RFI was issued in response to President Trump's February 3, 2017, memorandum directing the DOL to prepare an updated analysis of the likely impact of the Fiduciary Rule on access to retirement information and financial advice.