DOL Will Not Delay June 9 Effective Date.

US Department of Labor (DOL) Secretary Alexander Acosta recently announced that the DOL will not delay the June 9 initial effective date for compliance with key provisions of the DOL Fiduciary Rule.

In April, the DOL issued a final rule to delay the original April 10 effective date until June 9 to provide additional time for financial firms to develop appropriate strategies to address the compliance requirements of the DOL Fiduciary Rule.

In his announcement of the decision not to delay the June 9 initial effective date, Secretary Acosta indicated that the DOL will continue to conduct its review and analysis of the DOL Fiduciary Rule consistent with President Trump’s February 3 Memorandum.

It remains to be determined whether the analysis to be conducted by the DOL in light of President Trump’s February 3 memorandum will result in any further revisions to the current requirements of the DOL Fiduciary Rule.

CEFLI will continue to monitor these developments and report updated information, as appropriate.