The Department of Labor recently stated that the applicability date for what is commonly referred to as the "Fiduciary Rule" would be June 9, 2017.[1] The Department also stated that it intended to issue a Request for Information regarding various aspects of its Fiduciary Rule.[2] In connection with these actions, Secretary Acosta stated his desire that the Department of Labor and the Securities and Exchange Commission ("SEC" or "Commission") engage constructively as we each pursue our ongoing analyses of the standards of conduct applicable to investment advisers and broker-dealers when they provide investment advice to retail investors.[3]
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