On October 27, 2016, the U.S. Department of Labor (“DOL”) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is expected to be the first of three rounds of guidance to be published by DOL prior to the effective dates of the new rules.
Perhaps not surprisingly, the FAQs address in large part a variety of compensation questions that are top of mind for both broker-dealer firms and their financial advisers.
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