On April 4, 2017, the U.S. Department of Labor issued a final rule postponing applicability of the conflict of interest rule and related exemptions for sixty days, until June 9, 2017. The stated purpose of the extension is to allow more time to: (i) complete the examination required by President Trump’s February 3, 2017 memorandum,
Fiduciary
IRS Issues Temporary Enforcement Policy In Line with DOL FAB 2017-01
By Benjamin Saper & Russell Hirschhorn on
On the heels of the Department of Labor’s temporary enforcement policy concerning the DOL conflict of interest rule and related exemptions (see our blog post here), the IRS announced that it is providing relief from excise taxes under Code § 4975 that conforms to the DOL’s temporary enforcement policy described in FAB 2017-01. The…
No Emergency Injunction Appeal in Chamber’s Challenge to DOL Rule
By Benjamin Saper & Russell Hirschhorn on
On March 20, 2017, a federal court in the Northern District of Texas denied the U.S. Chamber of Commerce’s emergency motion for an injunction pending appeal challenging implementation of the Department’s conflict of interest rule and related exemptions. The court applied the standard for evaluating a preliminary injunction motion and concluded that: (i) the Department…
U.S. DOL Proposes Delay of Conflict of Interest Rule and Related Exemptions
By Benjamin Saper, Russell Hirschhorn & Seth Safra on
On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods related to the rule:
- A 15-day comment period (ending March 17, 2017) on whether enforcement of the rule
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