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ARTICLE · 12 JUNE 2017

Implementing The DOL Fiduciary Rule

Morrison Foerster
Morrison Foerster
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On June 9, 2017, key provisions of the fiduciary rule adopted by the Department of Labor (DOL) will become applicable for most broker-dealers...

United StatesEmployment and HR
Hillel Cohn
Hillel Cohn
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Background

On June 9, 2017, key provisions of the fiduciary rule adopted by the Department of Labor (DOL) will become applicable for most broker-dealers, as well as many bankers, insurance agents, and others who make investment recommendations to retail retirement investors (the "Fiduciary Rule").  As discussed below, only a portion of the Fiduciary Rule and related exemptions become applicable on June 9.  The DOL is conducting a re-evaluation of the Fiduciary Rule and related exemptions, as directed by President Trump.  Many expect substantial changes to result from this re-evaluation, although it is impossible to predict the ultimate outcome.  In the meantime, during the transition period starting on June 9, 2017, and expected to continue until at least January 1, 2018 (the "Transition Period"), broker-dealers and others must comply with those provisions that become operative on June 9.

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