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Regulation

Labor Department calls for comment on possible fiduciary rule delay

The Department of Labor took the first step toward a possible delay of the fiduciary rule's full implementation date by publishing a request for information Thursday that also calls for suggestions on streamlining the rule.

The RFI allows the public to provide information "that may be used to revise the rule and associated exemptions," according to the DOL notice.

The new rule went into effect June 9 after a two-month delay, but other provisions of the law that apply to "best interest" contracts and other arrangements between retail investors and service providers are scheduled to go into effect Jan 1, 2018.

The RFI allows for a 15-day comment period on a possible delay, and 30 days to comment on ways to streamline other provisions.

The notice is on the Labor Department's website and will be published in the Federal Register shortly.