The Tenth Circuit recently affirmed the Department of Labor’s authority to impose new conditions for exemption from prohibited transaction rules with respect to the sale of annuity contracts. The case related to the Department’s decision, as part of the 2016 “fiduciary rule,” to make sales of fixed indexed annuities ineligible for Prohibited Transaction Exemption 84-24,
Fiduciary Rule
Department of Labor Finalizes 18-Month Delay of Fiduciary Rule Exemptions
By Russell Hirschhorn, Ruthanne Minoru & Seth Safra on
On November 27, 2017, the Department of Labor (“DOL”) finalized the delay of the applicability date for certain conditions for exemptions to the fiduciary rule until July 1, 2019. This delay was initially proposed in late August as described here.
Although certain requirements have been delayed, the fiduciary rule’s broad definition of “fiduciary” and…
Department of Labor Officially Proposes Delaying Fiduciary Rule’s Exemptions for 18 Months
By James Huffman, Russell Hirschhorn & Seth Safra on
On August 30, 2017, the Department of Labor (“DOL”) officially proposed delaying the applicability date of exemptions to its fiduciary rule until July 1, 2019. The proposal was expected after DOL stated in a court filing earlier this month that a delay proposal was under review by the Office of Management and Budget.
This proposal…