Fiduciary Definition Rule Extended for 60 Days, Compliance Deadline Pushed to January 1, 2018

Summary

The Department of Labor has extended the applicability date of the final fiduciary definition rule and two exemptions for 60 days, allowing fiduciaries to rely on the exemptions until January 1, 2018, while still adhering to the Impartial Conduct Standards, including the 'best interest' standard, during the transition period from June 9, 2017, to January 1, 2018.