President Trump's initial draft memo, later revised, may have spelled out the administration's coming plans: to delay the rule for six months and seek a stay in the legal proceedings.
A final version of the document does not direct the DOL to delay the rule for six months, nor does it tell the agency to consult with the Department of Justice to seek a stay of the litigation surrounding the rule.
The move scrambles the fierce six-year battle over the rule, which would require financial advisers to act in the best interests of their clients in retirement accounts. <b>Plus: <a href="//www.investmentnews.com/section/video?playerType=INTV&bctid=5309561439001"" target=""_blank"" rel="noopener noreferrer">Advisers react to Trump's DOL fiduciary rule decision</a></b>
The chairman of the House Rules Committee said in a letter that the rule would foist “mountains of paperwork” on financial planners while denying “access to quality investment advice” to millions of investors.
As Republicans move to take the Affordable Care Act off the books, they don't intend to let taxes such as the investment-income levy survive.
Some experts anticipate the Trump administration will abandon the legal fight, but that hasn't happened yet.
Speculation is mounting as to what is taking the administration so long to act. Is President Trump waiting for his DOL secretary nominee to be approved? Or is he finding it harder to repeal than expected?
Size of award called "extraordinarily rare" by one securities attorney. <i><b>(More: <a href="//www.investmentnews.com/article/20160923/FREE/160929957/brokerages-walking-away-from-arbitration-awards"" target=""_blank"" rel="noopener noreferrer">Brokerages walking away from arbitration awards</a>)</i></b>
Data analytics could help them more easily uncover breaches of suitability in investment product sales.
Regulator should assess whether requirements on the books &mdash; including for advertising, custody &mdash; are working, and just generally slow down, according to advocates for the profession and industry.
