We reported in a
Foley Adviser on February 3 that President Trump had
delayed implementation of the Fiduciary Rule by 180 days. This was
based on the draft executive order that the White House had
circulated that day. We have since learned, however, that the final
memorandum actually issued by President Trump on Friday, February 3
to the U.S. Department of Labor (“DOL”) did not include
the express provision for a 180-day delay. The memorandum
instructed DOL to re-examine the Fiduciary Rule to determine
whether it may harm retirees and other investors as well as the
retirement services industry, and whether it may lead to an
increase in litigation and an increase in cost to gain access to
retirement services. Further, if the DOL determines that the rule
may have such negative impacts, it is directed to issue for notice
and comment a proposed rule that rescinds or revises the current
Fiduciary Rule. It has been reported that the DOL will look at its
legal options to delay the applicability of the Fiduciary Rule as
it seeks to comply with the presidential memorandum, but at present
the April 10 effective date remains in place. Foley Hoag will keep
its clients informed of further developments as they occur.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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