U.S. DoL Delay of Fiduciary Rule

On November 24, DoL extended fiduciary rule exemptions by 18 months.

  • Provided 18-month delay of applicability date of three exemption provisions in rule.
  • Followed August 31, 2017 extension proposal when rule wasn't delayed.
  • After a review of comments received, DoL adopted proposed delay without change.

Exemptions Delay

  • Extend transition period, delay applicability date from January 1, 2018 to July 1, 2019.
  • Delay of applicability included the best interest contract Exemption (PTE 2016-01).
  • Covered provision of a class exemption, for principal transactions in certain assets
    between advice fiduciaries, with employee benefit plans and IRAs, (PTE 2016-02).
  • Also prohibited trade exemption for insurance agent, brokers, pension consultants,
    insurance companies, and investment company principal underwriters (PTE 84-24).

Impartial Conduct Standard

  • May continue to give prudent advice in retirement investors’ best interest, charge
    no more than reasonable compensation, avoid misleading statements by advisers
  • Advisers who rely on exemption in period, must meet impartial conduct standards.

Reexamine Fiduciary Rule

  • Delay gives DoL time to review changes to the fiduciary rule and PTEs as a result.
  • Impact of reexamination is unknown until completion, may give better alternative.
  • SIFMA approved delay, said SEC should take the lead in coordination with the DOL
    to develop such a principles-based standard of conduct for the benefit of investors.


  • DoL approved 18-month extension with no change, in November 29, 2017 federal register.