DOL Finalizes Transition Period Extension to July 1, 2019

The Department of Labor will move forward to finalize its proposed 18 month extension of the transition periods under the Best Interest Contract (or “BIC”) Exemption and the Class Exemption for Principal Transactions (respectively, PTEs 2016-01 and 2016-02) until July 1, 2019. The Department will also finalize its proposed delay of the applicability of certain amendments to Prohibited Transaction Exemption 84-24 until July 1, 2019. Amendments to the three class exemptions implementing these extensions are expected to be published in the Federal Register this coming Wednesday, November 29, 2017. In the meantime a pre-publication version of the extension grant has been made publicly available (copy attached).