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Despite possible fiduciary delay, important compliance requirements remain

Broker-dealers and advisors to 401(k) plans face key compliance requirements under the existing transition period for the rule -- and sponsors will need to know if their advisor is deploying the BIC Exemption, and more.

By Nick Thornton | Updated on July 25, 2017
Attorneys caution that key compliance requirements remain for advisors, broker-dealers, and sponsors under the existing transition period for the rule.

The Labor Department will more than likely propose fundamental changes to the fiduciary rule and its prohibited transaction exemptions, resulting in a delay of full implementation of the controversial regulation for at least one year, and perhaps longer, according to attorneys with Drinker Biddle & Reath.

Proposed revisions to the rule will be subject to public comment and other administrative requirements, as the DOL is committed to strictly following the letter of the law to avoid legal challenges, explained attorneys from the firm during a recent webinar.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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