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Most Read Contributor in United States, September 2017
U.S. Secretary of Labor Alexander Acosta decided not to further
delay the implementation date of the
Fiduciary Rule. In a Wall Street Journal op-ed, Mr. Acosta
explained that the Department of Labor ("DOL") found no
legal basis for further delay of the effective date, but would seek
additional public input on the rule.
The Fiduciary Rule sets standards for determining who is a
fiduciary of an employee benefit plan under
ERISA by virtue of giving investment advice to a plan, its
participants or its beneficiaries. The Fiduciary Rule standards
also apply to determining who is a fiduciary of a plan under
Section 4975 of the Internal Revenue Code. As a result of the
DOL's decision, the rule will go into partial effect on June 9,
2017, and will be fully implemented on January 18, 2018
(see
previous coverage).
SIFMA president and CEO Kenneth E. Bentsen, Jr. expressed disappointment at the DOL's
decision not to delay the implementation of the Fiduciary Rule
until a comprehensive review was completed, but added that he
appreciated Secretary Acosta's intention to solicit public
input:
"While we are disappointed that the Department of Labor has
chosen not to further delay the rule until the Department has
completed a review of the entire rule's impact on investors, we
appreciate Secretary Acosta's recognition of the rule's
negative impact and his desire to seek public input."
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