Fiduciary Rule’s ‘Soft Open’ Makes Full Repeal Less Likely
Law360, New York (May 23, 2017, 8:53 PM EDT) -- Although firms will only have to comply with portions of the U.S. Department of Labor’s fiduciary rule for retirement account advisers by early June, experts say Labor Secretary Alexander Acosta’s announcement that the agency won’t delay the rule any further means a wholesale repeal is increasingly unlikely.
Acosta published an op-ed in the Wall Street Journal late Monday announcing that his agency has found “no principled legal basis” to further delay an initial implementation date for the rule. The DOL initially extended the applicability date for much of the rule from April 10 to June 9, but financial firms and industry...
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