COMPLIANCE UPDATE: Presidential Memorandum on Fiduciary Duty Rule

On February 3, 2017, President Trump instructed the Secretary of Labor to review the effect of the Fiduciary Duty Rule on the ability of Americans to obtain retirement information and financial advice.  If the Secretary determines that the Fiduciary Duty Rule adversely affects the ability of Americans to obtain such information and advice, then the Secretary is further instructed to recommend a proposed rule either rescinding or revising the Fiduciary Duty Rule.  Any proposed rule rescinding or revising the Fiduciary Duty Rule would be subject to the same notice and public comment requirements as the Fiduciary Duty Rule.  The President's Memorandum does not delay the effective date of the Fiduciary Duty Rule; although Acting U.S. Secretary of State Ed Hugler issued the following statement in response to the President's Memorandum:

The Department of Labor will now consider its legal options to delay the applicability date as we comply with the President's memorandum.

The Presidential Memorandum of Fiduciary Duty Rule reproduced in its entirety.

If you have any questions, contact RMC's headquarters at 888.599.5553 or your regional representative.