Can The New Administration Revoke The DOL Regulation?

Can The New Administration Revoke The DOL Regulation?

What advisors need to know to prepare for a new administration.

Given that the new administration in Washington promised to reduce regulation across a range of industries, what should financial advisors expect regarding the Department of Labor (DOL) regulatory redefinition of an investment advice fiduciary? Can the DOL’s regulatory change be rescinded or significantly amended soon after the presidential inauguration?

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DOL Regulation

Three dates are important to keep in mind with regard to the DOL fiduciary rule:

  • June 7, 2016: Effective date
  • April 10, 2017: Applicability date
  • January 1, 2018: Final date (all requirements are in place)

Because the regulation is already in effect, although not yet applicable, changing it or rescinding it would require a ruling by a federal court, a legislative change or a reproposal of the DOL regulation — none of which are likely to happen quickly.

Actions that could affect the DOL regulation:

  1. A ruling by a federal court