DOL Rule Directive - 180-Day Delay
President Trump issued a memorandum directing the Department of Labor (DOL) to determine whether the Fiduciary Rule should be revised or completely rescinded. The memorandum generally directs the DOL to delay the applicability date of the rule by 180 days.
In addition to directing the DOL to delay implementation of the rule, the memorandum directs the DOL to review the rule to determine what the Fiduciary Rule’s likely impact will be with respect to:
Investors and retirees’ access to retirement accounts and advice;
Disruptions in the retirement services industry that may adversely affect investors and retirees;
Increased litigation and fees borne by investors and retirees; and
Whether the exemptions issued in conjunction with the rule undermine its effectiveness.
Depending on the results of the review, the memorandum directs the DOL to issue a new proposed rule revising or rescinding the Fiduciary Rule, including a notice and comment period. As a result, it is unlikely that the Fiduciary Rule will move forward until the fourth quarter of 2017, at the earliest.
I don't know about yours, but my weekend just got a lot better!!!!!!!