March 07, 2017
On March 1, 2017, the DOL proposed a 60-day delay of the Conflict of Interest Rule applicability date. As we mentioned in the last edition of Compliance Corner, the DOL requested the delay after President Trump instructed the DOL to conduct additional analysis of the Rule and its impact on American Investors. This delay applies to the Rule and to the prohibited transaction exemptions that accompany the Rule.
There will now be two comment periods where interested entities can comment on both the delay of the Rule and the concerns addressed in the President’s memorandum. The comment period on the delay will be 15 days and the comment period on the concerns in the President’s memorandum will be 45 days.
It remains to be seen whether the comment period and subsequent DOL analysis will result in a rescission of the rule or simply a revision. We will continue to follow any developments and provide updates in Compliance Corner.
Delay Request »