The delay in the Department of Labor's
fiduciary rule until July 1, 2019, which had weighed down Allianz Life in the first half of this year, is no longer having a «major impact on what we are doing,» said Terzariol.
Not exact matches
In accordance with that memorandum, the Department published in the Federal Register on March 2, 2017, at 82 FR 12319, a document seeking comment on a proposed 60 - day extension of the applicability dates of the
Fiduciary Rule and PTEs
until June 9, 2017 (NPRM).
As a result, the
Fiduciary Rule and the Impartial Conduct Standards in these PTEs will become applicable beginning on June 9, 2017, while other conditions in these PTEs, such as requirements to make specific written disclosures and representations of fiduciary compliance in investor communications, are not required until January
Fiduciary Rule and the Impartial Conduct Standards in these PTEs will become applicable beginning on June 9, 2017, while other conditions in these PTEs, such as requirements to make specific written disclosures and representations of
fiduciary compliance in investor communications, are not required until January
fiduciary compliance in investor communications, are not required
until January 1, 2018.
Thus, the
fiduciary definition in the
Rule published on April 8, 2016, and Impartial Conduct Standards in these exemptions, are applicable on June 9, 2017, while compliance with other conditions for covered transactions, such as the contract requirement, in these exemptions is not required
until January 1, 2018.
On March 2, 2017, the Department published the NPRM seeking comment on a proposed 60 - day delay of the applicability date of the
Fiduciary Rule and PTEs
until June 9, 2017.
After careful review and consideration of the comments, the Department is issuing this final
rule that will (1) extend the applicability date of the Fiduciary Rule, the BIC Exemption, and the Principal Transactions Exemption for 60 days until June 9, 2017, and (2) require that fiduciaries relying on these exemptions for covered transactions adhere only to the «best interest» standard and the other Impartial Conduct Standards of these PTEs during a transition period from June 9, 2017, through January 1, 2
rule that will (1) extend the applicability date of the
Fiduciary Rule, the BIC Exemption, and the Principal Transactions Exemption for 60 days until June 9, 2017, and (2) require that fiduciaries relying on these exemptions for covered transactions adhere only to the «best interest» standard and the other Impartial Conduct Standards of these PTEs during a transition period from June 9, 2017, through January 1, 2
Rule, the BIC Exemption, and the Principal Transactions Exemption for 60 days
until June 9, 2017, and (2) require that
fiduciaries relying on these exemptions for covered transactions adhere only to the «best interest» standard and the other Impartial Conduct Standards of these PTEs during a transition period from June 9, 2017, through January 1, 2018.
In considering the benefits and costs of this final
rule, the Department considered both the effects of the 60 - day delay (until June 9) in the applicability of the Fiduciary Rule and PTEs and Impartial Conduct Standards conditions, and the longer delay (until January 1, 2018) in the applicability of the other exemption conditions in the BIC Exemption and the Principal Transactions Exempt
rule, the Department considered both the effects of the 60 - day delay (
until June 9) in the applicability of the
Fiduciary Rule and PTEs and Impartial Conduct Standards conditions, and the longer delay (until January 1, 2018) in the applicability of the other exemption conditions in the BIC Exemption and the Principal Transactions Exempt
Rule and PTEs and Impartial Conduct Standards conditions, and the longer delay (
until January 1, 2018) in the applicability of the other exemption conditions in the BIC Exemption and the Principal Transactions Exemption.
However, there is a catch — while these financial advisors were made ERISA
fiduciaries on June 9, the DOL won't «pursue claims against
fiduciaries who are working diligently and in good faith to comply with the
fiduciary duty
rule and exemptions»
until January 1, 2018.
Despite over 92 % of the 193,000 comment letters opposing delay, the Department of Labor's
Fiduciary Rule has been officially delayed
until June 9.
The final aspects of the
fiduciary standard will be shrouded in some mystery
until the final
rule language actually emerges from OMB, George explains, but she still predicts pretty confidently that the biggest impact is going to be on the IRA market and rollover accounts.
With less than two years to go
until the full implementation of the Department of Labor (DOL)
fiduciary standards
rule, annuity carriers are scrambling to create new products to meet those strict pro-customer guidelines.
Known as the
fiduciary rule and set by the Labor Department to take effect in April 2017 — but then delayed by the Trump administration
until at least June 2017 and some parts
until January 2018 — the
rule simply requires people in the financial services industry to put consumers» best interests ahead of their own.