Department of Labor Extends Transition Period for Certain Requirements of Exemptions Related to the ERISA Fiduciary Rule
On November 24, 2017, the Department of Labor (the “DOL”) finalized its previously proposed 18 month extension of the applicability date of certain requirements under the Best Interest Contract Exemption (the “BIC Exemption”), the Class Exemption for Principal Transactions in Certain Assets between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (the “Principal Transactions Exemption”), and certain amendments to Prohibited Transaction Exemption 84-24 regarding transactions involving insurance agents and brokers, pension consultants, insurance and investment companies and investment company principal underwriters (“PTE 84-24”) (the BIC Exemption, Principal Transaction Exemption and PTE 84-24 are collectively referred to herein as the “Exemptions”). Those requirements, previously delayed until January 1, 2018, have now been delayed until July 1, 2019.