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ARTICLE · 27 MARCH 2017

DOL Issues "Temporary Enforcement Policy" For Fiduciary Rule

Hogan Lovells Cadwalader
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In the event the DOL issues a final rule after April 10, 2017 that implements a delay in the applicability date.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Department of Labor ("DOL") issued a Field Assistance Bulletin announcing a "temporary enforcement policy" related to the recently proposed 60-day delay of the April 10, 2017 applicability date (see previous coverage) for the DOL's rule defining who is a fiduciary under ERISA and Section 4975 of the Internal Revenue Code and certain related prohibited transaction exemptions ("PTEs"). The DOL indicated that while it intends to issue a decision on the March 2, 2017 proposal before the original applicability date, it has determined that:

"[T]emporary enforcement relief is appropriate to protect against investor confusion and related marketplace disruptions attributable to uncertainty regarding the timing of the Department's decision on whether to delay the applicability date of the fiduciary duty rule and related PTEs."

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