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Acosta declines to extend delay of DOL fiduciary rule

May 23, 2017

Acosta declines to extend delay of DOL fiduciary rule

Labor Secretary finds no legal basis to delay implementation; rule to become applicable June 9

Mya 22, 2017 | by Mark Schoeff Jr. | InvestmentNews

Labor Secretary Alexander Acosta confirmed Monday night that the agency’s fiduciary rule will become applicable on June 9.

“We have carefully considered the record in this case, and the requirements of the Administrative Procedure Act, and have found no principled legal basis to change the June 9 date while we seek public input,” Mr Acosta wrote in a Wall Street Journal oped that was posted Monday night. “Respect for the rule of law leads us to the conclusion that this date cannot be postponed.

His decision is a victory for supporters of the rule, which requires financial advisers to act in the best interests of their clients in retirement accounts. The rule’s implementation has been delayed for 60 days — from April 10 until June 9 — while the DOL reassesses the regulation under a directive from President Donald J. Trump that could lead to its modification or repeal.

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