The Department of Labor’s fiduciary rule that affects financial advisors, fees, and mutual funds is to go into effect in April. however with the new administration’s stance on repealing it, Rep Joe Wilson (R-SC) submitted in early January a bill to delay implementation by two years.
This is happening while the Obama administration fought back and two Federal Courts rejected attempts to halt the ruling. Meanwhile, the SEC has moved ahead outlining mutual fund guidance to fees (these would include those that trade futures-only products) in relation to the Department of Labor rule.
To read the fact sheet with regard to the Department of Labor Rule click here.
To read the SEC mutual fund guidance with regard to fees, click here.
We will keep you posted as to whether this rule will become effective in April or will be delayed.