Well, it's not dead yet....and may still find its way to life. Last week, the DoL further postponed the implementation of the fiduciary regulation and the related “best interest contract” (“BIC”) exemption until June 9, 2017. In addition, many arguably challenging and troublesome notification, documentary and similar requirements under the BIC exemption are put off from the original April 10, 2017 implementation date until January 1, 2018.
Of course, many had hoped that the new rule would be put off permanently. That may still happen or it may not. Various pundits have suggested that some sort of mixed bag approach may result given recent political comments. In any event, affected brokers and advisers have a bit more time to assess and prepare their operations just in case the rule goes into effect after all.
Here are some good law firm memos on this topic:
Dechert: NEWSFLASH --April 2017--ERISA's Fiduciary Rule - Not Dead Yet?
Morgan Lewis: LAWFLASH--April 10, 2017--DOL FIDUCIARY RULE—SLOWED DOWN, BUT NOT OUT