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Wednesday, March 1, 2017

Department of Labor Proposes Extension to the Applicability Date for the Fiduciary Duty Rule

Today the U.S. Department of Labor proposed to extend the applicability date for the Fiduciary Duty Rule. The proposal will be published in tomorrow’s (March 2) Federal Register. The proposed rule would extend the applicability date for the Fiduciary Duty Rule from April 10 to June 9, 2017. The purpose of the extension is to give the Department of Labor time to respond to a presidential memorandum that directed the Department to determine whether the Fiduciary Duty Rule would harm the ability of Americans to obtain retirement information and financial advice. The Department also is required to draft an updated economic and legal analysis of the rule’s likely impact.

ABA is encouraging short comments to support the proposed extension, so that the rule to delay can be approved prior to the April 11 applicability deadline. Comments on the proposed extension of the effective date are due 15 days after the proposed rule’s publication in the Federal Register.