Acosta’s DOL Approach to the Fiduciary Rule

Last night, there were three major pieces of guidance on the Fiduciary Rule.  The most significant is an announcement by Secretary Acosta that the Fiduciary Rule will become applicable on June 9, 2017.  In an op-ed that appeared in the May 23, 2017, Wall Street Journal, Secretary Acosta announced that the Department of Labor (“DOL”) will not delay the June 9, 2017 Applicability Date.  Secretary Acosta wrote that, “The fiduciary rule as written may not align with President Trump’s deregulatory goals.”  However, DOL concluded there was “no principled legal basis to change the June 9 date.”  Please see the attached memo for further information.