DOL Confirms June 9, 2017 Effective Date for the Fiduciary Rule

The DOL has announced that its new fiduciary duty rule and related prohibited transaction exemptions (the ?Ç£PTEs?Ç¥) will go into effect on June 9, 2017, although certain provisions in the PTEs will not become effective until after a ?Ç£transition period?Ç¥ that ends on January 1, 2018. On May 22, 2017, the DOL published Field Assistance Bulletin 2017-02, in which it announced a temporary enforcement policy whereby it will not pursue claims during the transition period against fiduciaries who are working diligently and in good faith to comply with the new fiduciary duty rule and the PTEs. The DOL also released a series of Conflict of Interest FAQs clarifying the standards that apply under the PTEs during the transition period. View Field Assistance Bulletin 2017-02. View the FAQs.