Brooke Southall

The fiduciary rule itself (the regulation that makes many more providers ERISA fiduciaries) is still effective. That has not changed.  What has been delayed are the most onerous conditions of the exemptive relief.  Exemptive relief is still needed, but satisfying the impartial conduct standards is all that is required during the now-extended transition period. Many articles, including this one, seem to conflate this and miss the point that the rule has been in effect since June 9.  Only most the exemptions' conditions are delayed.  All of the new fiduciaries are now liable!

Pro-DOL rule forces sharpen knives now that DOL rule's 18-month delay is carved in stone

Consumer Federation of America

Pension Resource Institute

Wagner Law Group

Micah Hauptman

Jason Roberts

Marcia Wagner

<p>The past two years have been some of the most momentous in the relatively short history of the RIA profession. Legislators and regulators have been gradually embracing the fiduciary standard, though whether it will fully apply to everyone calling themselves advisors remains to be seen.</p>

<p>The Department of Labor’s crusade to lower costs and increase transparency in retirement plans means a spate of new regulations affecting advisors and brokers in that market. Dodd-Frank Financial Reform, meanwhile, continues to unroll across the profession, with the biggest change being a shift to state oversight of RIAs with less than $100 million AUM. In this section, you’ll find continually updated RIABiz.com coverage on all these topics.</p>

RIA Compliance

Labor Department loses formerly effective duck-and-weave defense tactic after 'U-turn' toward a more Wall Street golden goose ethos

Pro-DOL rule forces sharpen knives now that DOL rule's 18-month delay is carved in stone

Related Moves

March 5, 2021 at 1:16 AM

Gretel Allen

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