The Department of Labor’s Fiduciary Rule (2015 – 2021)

Download Now

On February 12, 2021, the Department of Labor (DOL) issued a statement that they were allowing Prohibited Transaction Exemption 2020-02 to go into effect on February 16, 2021. This DOL Rule (dubbed Fiduciary Rule 3.0) had been subject to review and reversal as a “midnight regulation” from the Trump Administration, The Biden DOL provided that it “will continue our stakeholder outreach to determine how we might improve this exemption, the rule defining who is an investment advice fiduciary, and related exemptions to build on this approach.” The DOL further informed the industry and the public through two Frequently Asked Questions designed for each constituency and published on April 12, 2021.

Below is a timeline of the iterations of the  DOL rule:

Fiduciary Rule 3.0

Post-Issuance of Fiduciary Rule 2.0

Pre-Issuance of Fiduciary Rule 2.0

Fiduciary Rule 2.0

Prior to Issuance of Proposal