Content provided by Mike Forker, CLS Chief Compliance Officer
Friday President Trump will sign an executive order instructing the Department of Labor to review the fiduciary rule and instructed the Department of Labor to consider delaying or amending it.
While this is a signal that the Department of Labor will likely seek to delay the rule and ultimately amend or repeal it, this memorandum has no impact on the rule. The rule is already finalized and the administration can only amend or delay the rule by following the formal rule making process. A draft version of the memorandum included language that would have delayed the rule for 180 days. However, this was not included in the version signed by Mr. Trump. Stay tuned for further updates.