DOL Issues Temporary Enforcement Policy on Fiduciary Investment Advice Rule | Practical Law
On March 10, 2017, the Department of Labor (DOL) issued Field Assistance Bulletin No. 2017-01 (FAB 2017-01) announcing a temporary enforcement policy related to the DOL's recent proposed rule that would extend for 60 days the applicability date of the final rule defining fiduciary investment advice under Section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). FAB 2017-01 provides that the DOL will not initiate enforcement actions during any potential gap period that results from the fiduciary rule becoming applicable before the proposed rule extending the applicability date becomes final or in the event the DOL decides not to delay the fiduciary rule.