By Robert Gower (December 15, 2017, 8:36 AM EST) -- On Nov. 29, 2017, the U.S. Department of Labor released a final rule extending the transition period for compliance with certain requirements of the Conflict of Interest Rulemaking package (commonly known as the Fiduciary Rule) by 18 months to July 1, 2019.[1] While certain requirements of the Fiduciary Rule have been delayed, the expanded definition of a fiduciary (with respect to those who render investment advice for a fee or other compensation) and the standards to which such fiduciaries are to be held are in effect. The DOL is using the extended transition period to further review compliance burdens and, potentially, introduce modifications to the Fiduciary Rule. During the transition period, the DOL is requiring providers to exercise good faith compliance with the Fiduciary Rule....
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