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DOL Fiduciary Rule: Ready, Set, Go! But How Far?

 
The DOL has issued transition FAQs and a nonenforcement policy—meanwhile, here comes the SEC. Just 18 days ahead of the fiduciary rule’s June 9 applicability date, Secretary of Labor Alexander Acosta penned a Wall Street Journal op-ed explaining that the Department of Labor “found no principled legal basis to change the June 9 date.” Nonetheless, citing the current administration’s “trust in Americans’ ability to decide what’s best for them,” and its desire to ensure investors get prudent investment advice, but without limiting choice or benefiting lawyers, Secretary Acosta stated that the DOL will continue to examine the rule and consider how to revise it.

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