DOL To Give Final Say On Reporting Rule's Advice Exemption

Law360, New York (July 9, 2013, 4:11 PM EDT) -- The U.S. Department of Labor intends to issue a final rule in November narrowing the advice exemption to the Labor-Management Reporting and Disclosure Act, which could saddle law firms with new reporting requirements, the agency said in a regulatory agenda released last week.

The DOL first proposed the controversial regulatory change in June 2011, and in the Obama administration's spring Unified Agenda released July 3, the agency listed November as the target date for the publication of a final rule.

The LMRDA requires employers and legal...
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