‘Poof, it’s gone!’ DOL quietly strips two heavy lifts from the fiduciary rule as it makes delay official
By Brooke Southall
The Department of Labor effectively makes the 60-day delay into a 270-day one as part of document that was supposed to only formalize the postponement until June 7
This “breathing room” was indeed a new wrinkle, says Seth Rosenbloom, chief counsel at New York-based Betterment.
“The provisions of the rule that were designed to enforce fiduciary obligations will not be effective until 2018, at the earliest. This outcome is indeed a surprise, as many in the industry were predicting a series of shorter delays of the entire set of rules.”