Investment Management Counsel Quoted Extensively on Proposed Fiduciary Rule Delay
On March 1, the Department of Labor proposed a rule to delay applicability date of its fiduciary rule for 60 days. Pensions & Investments, Compliance Week, Financial Advisor and CQ Roll Call all reported on the development, featuring comments from investment management counsel David Tittsworth (Washington, D.C.) in their pieces. “The key question of whether any significant revisions to the rule will be forthcoming—or [if the rule is rescinded] entirely—will probably not be resolved until sometime after the 60 day extension,” stated Mr. Tittsworth. “The content of the DOL’s review obviously will be a major factor in what happens next.” It is also possible that there could be legislative or judicial developments in the coming days and weeks that affect the rule. “To say the least, the status of the DOL’s rule is a moving target and interested parties need to stay tuned,” Mr. Tittsworth added.