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DOL proposes extension for fiduciary compliance
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Banking, Consumer Protection, Investor Protections
Tuesday, August 15, 2017
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Certain exemptions to the Department of Labor’s final rule redefining the term “fiduciary” could be put on hold with the department’s filing of a notice of administrative action that would delay their applicability.
Specifically, the delay would mean an extension to the compliance deadline for three of the rule’s exemptions pertaining to best interest contracts (BICs), principal transactions and prohibited transactions.
Read on to find out what those exemptions are and how much longer financial institutions would have to comply.
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