DOL seeks to delay fiduciary rule until July 2019

Paterniano Del Favero
Agosto 10, 2017

Securities brokerages like Morgan Stanley and Bank of America Corp.'s Merrill Lynch now have until July 1, 2019, to present retirement savers with new contracts that spell out the fees brokers make on certain investment products or transition them into accounts that charge a flat fee based on assets.

Those are just two steps that firms have said they are taking to meet the standards set out by the fiduciary rule, which was originally set to take effect on January 1, 2018. The filing from DOL does not itself contain the substantial detail that will presumably be included in the paperwork the regulator says it has submitted to the Office of Management and Budget.

The measure, which would require all financial advisers to act in the best interests of their clients in retirement accounts, is undergoing a reassessment ordered by President Donald J. Trump that could lead to changes.

The provisions affected by a delay include rules for specific written disclosures from financial services firms and advisors, including the requirement that advisors earning commissions on investments in retirement accounts sign a legally binding agreement putting their clients' interests ahead of their own. Get twice-daily updates on what the St. Louis business community is talking about.

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