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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