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Text of DOL FAQs: Application of Fiduciary Rule Starting June 9 (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
May 23, 2017
15 questions and answers, including: "When do firms and their advisers have to comply with the conditions of the new Best Interest Contract (BIC) Exemption and the [Principal Transactions Exemption]? ... When do parties have to comply with the new conditions in PTE 84-24, which was amended in connection with the Fiduciary Rule? ... When do firms and their advisers have to comply with the new conditions in other pre-existing exemptions that were amended in connection with the Fiduciary Rule? ... Will the Department make additional changes to the Fiduciary Rule or exemptions? ... Does the Department's decision to have the Fiduciary Rule and impartial conduct standards become applicable on June 9, 2017 mean it has effectively concluded its review under the President's Memorandum?.... How does the delay in the applicability dates affect the grandfathering relief in Section VII of the BIC Exemption ... Does PTE 84-24 apply to transactions involving IRAs during the transition period? ... The Department postponed the relevant applicability dates of the Fiduciary Rule and exemptions until Friday, June 9, 2017. Does this mean that advisers and financial institutions must be in full compliance before the close of business on June 9, 2017?"

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