Are all the new protections and responsibilities in effect immediately?
faq 2020-01-15

No. The Department of Labor has determined that, in light of the importance of the final rule’s consumer protections and the significance of the continuing harm to investors saving for retirement without the rule’s changes, an applicability date of one year after publication of the final rule in the Federal Register is appropriate and provides adequate time for plans and their affected financial services and other service providers to adjust to the change from non-fiduciary to fiduciary status.

In addition, the Department has adopted a “”phased”” implementation approach for the Best Interest Contract Exemption and the Principal Transaction Exemption so that firms will have more time to come into full compliance. In particular, the full disclosure provisions, the policies and procedures requirements, and the contract requirement do not go into full effect until Jan. 1, 2018.

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