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DOL asks Office of Management and Budget to approve 18-month fiduciary rule delay

A final rule that would delay the fiduciary rule for 18 months was sent by the Department of Labor for approval by the Office of Management and Budget, which posted the notice Thursday.

The next step is for OMB to approve the rule and return it to the DOL, which will then make it public.

One phase of the fiduciary rule was implemented in June, but the enforcement provisions and certain exemptions were scheduled to go into effect Jan. 1, 2018. This latest rulemaking delays implementation to July 1, 2019.

DOL officials are also reviewing the rule as part of an executive order by President Donald Trump.