DOL Moves to Delay Fiduciary Rule
After President Trump orders Labor to review the rule, acting Labor secretary files to start delay of April 10 compliance date
February 27, 2017 | by Melanie Waddell | Investment Advisor
After a third federal court ruling in early February upheld the Department of Labor’s fiduciary rule, Labor’s Acting Secretary Edward Hugler filed in short order with the Office of Management and Budget to delay the rule’s April 10 compliance date.
Hugler’s filing came only days after President Donald Trump directed DOL on Feb. 3 to review its fiduciary rule, and if it deems appropriate, come up with a plan to revise the rulemaking.
That plan was filed in mid-February with OMB via a Notice of Proposed Rulemaking.
The notice filed at OMB did not say how long Labor plans to delay the rule’s April 10 compliance date, though it’s been widely discussed that Labor will propose a 180-day delay with a 15-day comment period on the plan.
“Always, but especially in this day of lawsuits and ever increasing regulations, the responsibility for a financial advisor t do their own due diligence on products they sell falls squarely on themselves. No one is going to take greater interest in protecting their practice than they are. We use the Blue Vault Partners Nontraded REIT Review to keep us informed of the performance of every single nontraded REIT. Finally, complete transparency is available for advisors using nontraded REITs. Every advisor using REITs in their practice should make the small annual investment of subscribing to Blue Vault’s reporting services.”