The US Department of Labor proposed to extend the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10, 2017 to June 9, 2017.

The proposal follows a memorandum issued on Feb. 3, 2017 by President Trump, which directed the Department of Labor to examine the fiduciary rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.

The proposed extension is intended to give the Department of Labor time to collect and consider information related to the issues raised in the presidential memorandum before the rule and exemptions become applicable.

The Department of Labor will accept public comments on the proposed extension until March 17, 2017. Comments on issues raised in the presidential memorandum should be submitted to the Department of Labor on or before April 17, 2017.

View the Proposal.