Update Alert- DOL Fiduciary Rule

DOL Files “Notice” with OMB regarding Delay of Fiduciary Rule Transition Period

The effort to extend the DOL Fiduciary Rule’s Exemptions’ Transition Period has moved a step forward and is now again under OMB review.  It’s interesting to note that OMB’s website lists its stage as “Notice” instead of “Final Rule.”  That term makes it unclear if it is the final rule on the extension so that when OMB releases it, DOL can publish it in the Federal Register.

If this is the final rule to be issued, we won’t know the text of the rule until it is published in the Federal Register, but the title on the OMB’s website is: “18-Month Extension of Transition Period and Delay of Applicability Dates; Best Interest Contract Exemption; Class Exemption for Principal Transactions; PTE 84-24,” which suggests that it is still an 18-month extension (until July 1, 2019).

See https://www.reginfo.gov/public/do/eoDetails?rrid=127677.

If you have any questions, please don’t hesitate to contact us.

About Jeffrey Berson

40 years in and around the industry has made Insurance a part of my DNA. I have had the pleasure of working with and for some of the greatest minds in our industry. My "Bersonal" View is an attempt to capture some of the best ideas, the best concepts and the best practices in a way that can lead to success for others. It will certainly be my point of view, so please...don't take it "Bersonal".
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