The Labor Department will more than likely propose fundamentalchanges to the fiduciary rule and its prohibited transactionexemptions, resulting in a delay of full implementation of thecontroversial regulation for at least one year, and perhaps longer,according to attorneys with Drinker Biddle & Reath.

Proposed revisions to the rule will be subject to public commentand other administrative requirements, as the DOL is committed tostrictly following the letter of the law to avoid legal challenges,explained attorneys from the firm during a recent webinar.

While both a delay of the January 1, 2018 full implementationdate and revisions to the rule would be welcomed by stakeholderswho view the existing regulation as onerous, the attorneyscautioned that brokers and advisors to 401(k) plans face key compliancerequirements under the existing transition period for the rule,which began June 9.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.