In March 2018, the U.S. Fifth Circuit Court of Appeals vacated the U.S. Department of Labor ("DOL") final 2016 regulation under Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") on investment advice fiduciary status, thus eliminating the DOL's fiduciary rule.
In a hearing held by the House Education and Labor Committee in early May 2019, Labor Secretary Alexander Acosta said that the DOL plans to reenact its fiduciary rule. The DOL is coordinating its work with the SEC, which is finalizing Regulation Best Interest. It is not clear when a new DOL fiduciary rule will be released as Mr. Acosta declined to offer a time line during a Q&A in the hearing.
Originally published in REVERSEInquiries Volume 2, Issue 5.
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