Important: Fiduciary Regulation Update
We have just received the official White House release of the memorandum to the Secretary of Labor
with regard to the fiduciary rule. The final memorandum, unlike the draft provided by White House Counsel to the press earlier today, omitted the specific directive to delay the applicability date by 180 days. The final memorandum directed the Secretary of Labor to take necessary actions to review the rule and decide if the rule should be rescinded or revised.
The Department of Labor issued a subsequent statement
: “The Department of Labor will now consider its legal options to delay the applicability of the date as we comply with the President’s memorandum.” This tells us two things. The applicability date as of this writing remains April 10, 2017. Any official delay will need to come by way of the Department of Labor.
The ball was lateraled to the DOL prior to the runner being ruled officially down. We will certainly let you know if the officials change the call again.