House Passes Bill Delaying Dodd-Frank Retail Investor Rule

Law360, Washington (October 29, 2013, 9:21 PM EDT) -- The House approved legislation Tuesday to delay a Dodd-Frank Act provision requiring the U.S. Department of Labor to set fiduciary rules for advisers to retail investors, instead placing the onus on the U.S. Securities and Exchange Commission to pass a similar rule first.

H.R. 2374, titled the Retail Investor Protection Act, or RIPA, blocks the DOL from imposing rules determining when financial professionals are considered fiduciaries — making them legally responsible for acting in their clients’ best interests — until at least 60 days until after...
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