DOL sends final fiduciary rule delay to Office of Management and Budget

The Department of Labor on Tuesday sent its final rule to delay the applicability date of its fiduciary rule to the Office of Management and Budget for review. The Trump administration in February directed the DOL to review the Obama-era regulation, which raises investment advice standards in retirement accounts. The DOL subsequently proposed a 60-day delay to the rule's applicability date, which is set to begin April 10. The sending of the final rule to the OMB follows a 15-day public comment period on the proposal. (More: BlackRock and Vanguard urge delay in Department of Labor's fiduciary rule.) The OMB will review the final rule and, if it approves the measure, send it back to the DOL. Once the DOL receives the approved final rule, it will publish it. Observers believe there are likely to be several rounds of delays sought by the DOL, with potential for amendment.