The Department of Labor’s Fiduciary Rule
On April 14, 2015, the Department of Labor (DOL) issued a long-awaited proposed fiduciary rule, its latest attempt to protect investors from conflicting investment advice, despite audible concern from legislators and the industry. On April 8, 2016, the rule was issued in final form and published in the Federal Register. Below is a timeline of the release of materials from the DOL, as well as NAFA and other trade associations and groups, in response to the proposed, final and vacated rule; key media coverage of the issue; and litgation updates throughout this ongoing battle.
Post-Issuance of Final Rule
June 21, 2018
March 24, 2018
NAFA’s decision comes on the heels of a ruling by the Fifth Circuit Court of Appeals issued March 15, 2018, which vacated the fiduciary rule in its entirety. The NAFA lawsuit was one of two lawsuits challenging the authority of the Department of Labor to issue the rule.
March 16, 2018
September 15, 2017
August 9, 2017
July 25, 2017
April 17, 2017
In a letter submitted to the Department of Labor, NAFA, the National Association for Fixed Annuities is urging a further delay of the fiduciary duty rule beyond its current June 9 partial applicability date, while the Department completes its comprehensive examination of the rule as directed by President Trump in his White House Memorandum issued February 3.
March 14, 2017
February 17, 2017
November 29, 2016
November 23, 2016
November 7, 2016
October 27, 2016
August 25, 2016
June 16, 2016
June 2, 2016
April 26, 2016
April 21, 2016
April 6, 2016
April 6, 2016
Final Fiduciary Rule — Available in Federal Register Vol. 81, No. 68
Final Rule
Best Interest Contract Exemption
Class Exemption for Principal Transactions
Amendment to PTE 75-1, Part V
Amendments to and Partial Revocation of PTEs 86-128 and 75-1
Amendments to Class Exemptions 75-1, 77-4, 80-83 and 83-1
Amendment to and Partial Revocation of PTE 84-24
Pre-Issuance of Final Rule
December 9, 2015
December 4, 2015
October 30, 2015
October 9, 2015
September 24, 2015
August 10-13, 2015
Access the public hearing transcripts below.
August 10, 2015
August 11, 2015
August 12, 2015
August 13, 2015
August 12, 2015
View the television spots by clicking on the videos below.
August 6, 2015
July 29, 2015
July 21, 2015
View the Committee on Education and the Workforce comment letter here.
July 21, 2015
July 17, 2015
July 13, 2015
June 26, 2015
June 25, 2015
June 24, 2015
Download Reality versus the DOL Fiduciary Proposal fact sheet here.
Download the Flaws In A Fiduciary-Only/Best Practices Standard paper here.
June 23, 2015
June 18, 2015
Access NAFA’s position paper on Suitability: The Gold Standard here.
May 19, 2015
May 6, 2015
April 30, 2015
Proposed Rule
April 20, 2015
Available in Federal Register Vol. 80, No. 75
Proposed Conflicts of Interest Rule, Definition of “Fiduciary” – 29 CFR 2510.3-21
(80 FR 21928, rule text begins on page 21956)
Proposed Best Interest Contract Exemption – 29 CFR 2550 (80 FR 21960, rule text begins on page 21983)
Proposed Amendment to PTE 84-24 – (80 FR 22010, rule text begins on page 22018)
DOL’s Regulatory Impact Analysis – EBSA Conflicts of Interest RIA (The 11-page Executive Summary of the RIA provides a good understanding of the DOL’s position.)
Current Law/Code
Definition of “Fiduciary” – 29 CFR 2510.3-21
PTE 84-24 – See 71 FR 5887, as amended 2006