Bloomberg Law
Oct. 25, 2021, 6:15 PMUpdated: Oct. 25, 2021, 10:13 PM

Fiduciary Exemption on Hold While Industry Rushes to Comply (1)

Austin R. Ramsey
Austin R. Ramsey

The U.S. Department of Labor will delay enforcing a Trump-era rule that broadens opportunities for profitable investment advice while financial firms and software makers rush to catch up with changing fiduciary standards.

DOL’s Employee Benefits Security Administration said Monday that it will hold off enforcing parts of the rule for as long as six months. The regulation, which had been set to take effect Dec. 20, exempts certain financial professionals and registered investment firms from prohibited transactions so they can make money from advice they give to workplace retirement investors.

The new enforcement policy gives advisers until June 30, 2022, ...