(October 27, 2016) Today, the Department of Labor (DOL) released the first in a series of frequently asked questions (FAQs) designed to assist financial organizations as they adapt their IRA and retirement plan policies and procedures in anticipation of the new fiduciary regulations scheduled to become effective April 10, 2017.
The recently published 24-page FAQ focuses primarily on the newly created best interest contract (BIC) exemption as well as other exemptions that were created (or modified) as a direct result of the new regulatory definition concerning investment advice fiduciaries.
In its ongoing effort to assuage industry concerns regarding the challenges posed by the new fiduciary regulations, the DOL reiterates its position that "compliance assistance is a high priority for the Department" and that the Departments focus during implementation "will be marked by an emphasis on assisting (rather than citing violations and imposing penalties) on plans, plan fiduciaries, financial institutions and others who are working diligently and in good faith to understand and come into compliance with the new rules and exemptions."
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