The Department of Labor today proposed to extend to July 1, 2019, the applicability date for certain exemptions to the fiduciary rule. The extension would apply to the best interest contract exemption, principal transactions exemption, and prohibited transaction exemption 84-24.
The delay — published this morning in the Federal Register and signaled earlier this month — marks an advocacy victory for ABA, which has long called on DOL to extend the effective date for the exemptions to allow bankers more time to comply. Comments on the proposed delay are due by Sept. 15. For more information, contact ABA’s Tim Keehan.