DOL Fiduciary Rule – update

Although it appears that the federal court decision vacating the DOL Fiduciary Rule was supposed to take effect on May 7, 2018, the DOL releases a statement continuing its policy of non-enforcement given “uncertainty about fiduciary obligations.”

Firms that have compliance P&Ps to comply with the DOL’s impartial conduct standards are wise to keep them. ¬†These standards seem to be similar to what may be required with the SEC’s proposed investment adviser fiduciary duty interpretation.

My recommendation is to maintain compliance with your firm’s P&P regarding the DOL Rule until there is official word.

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