On February 3, 2017, President Trump signed a presidential memorandum (Memorandum) ordering the U.S. Department of Labor (DOL) to review its conflict of interest rule defining the term “fiduciary” for retirement investment advice purposes (commonly referred to as the “fiduciary rule”). The Memorandum directs the DOL to prepare an updated economic and legal analysis to determine whether the fiduciary rule is likely to harm investors, disrupt the retirement services industry, or cause an increase in litigation. The Memorandum does not, however, contain an explicit delay of the April 10, 2017, implementation date. Instead, the DOL has responded through a news release stating, “The Department of Labor will now consider its legal options to delay the applicability date as we comply with the President’s memorandum.”
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