After nearly six years of waiting, the broker-dealer industry is getting its first glance of the finalized fiduciary rule, released officially Wednesday by the Department of Labor.
Labor Secretary Thomas Perez, who spoke with reporters Tuesday, says the department has “streamlined” and clarified its conflict of interest rule — including the controversial Best Interest Contract Exemption (BICE).
Plus, the DOL has pushed out the initial compliance timeline for the fiduciary rule to one year from the original eight months and “phased in the implementation [of the entire BICE requirements] so firms will have until Jan. 1, 2018” to be fully compliant.