Much has happened since we last reported on the Department of
Labor's Fiduciary Rule. The compliance deadline was
extended 18 months to July 1, 2019. A federal appellate court
vacated the Fiduciary Rule in its entirety. The U.S.
Securities and Exchange Commission finally issued its own proposed
"best interest" standard for brokers. And several
state legislatures, frustrated by the lack of progress at the
federal level, have picked up the baton of reform with their own
proposals.
These efforts – aimed at bringing more clarity and
transparency to the industry – continue to create confusion
for investment professionals and clients, and to raise challenging
questions both legally and politically about whether and how to
protect investors while preserving their access to a range of
investment products and services.
