BISA Magazine - Quarter 3, 2016 - 26
COMPLIANCE & REGULATORY WATCH
T
he new Department of
Labor Conflicts of Interest
Rule - Retirement Investment Advice (the "DOL fiduciary rule") was released
on April 6, and the countdown to the
first applicability date of April 10, 2017
has begun.
This article will discuss how the DOL
fiduciary rule affects financial institutions that work with ERISA plans and
IRA accounts for transaction-based
compensation. It will also outline steps
these firms can take now to prepare
for compliance.
Get
Ready!
How firms can prepare now
for compliance with the DOL
fiduciary rule
By ACA Compliance Group
26
www.bisanet.org
History of the DOL
Fiduciary Rule
In 2010, the financial industry successfully prevented the DOL from implementing changes to ERISA rules. In
2015, the DOL proposed a new version
of the rule, and many in the financial
industry believed that, like in 2010,
these changes would never see the
light of day. However, what the financial industry didn't anticipate was the
support of the White House in ensuring
the rule would pass. When the updated
DOL fiduciary rule was proposed in
April of 2015, the financial industry
could not believe what they were reading: In addition to changes regarding
retirement plans, IRA accounts were included, effectively placing any financial
institution that deals with these types
of accounts squarely in the crosshairs
of the new rule.
After an onslaught of industry commentary, as well as hearings regarding the
proposed rule, the final DOL fiduciary
rule was released in April of 2016. Although the final rule incorporates much
of the industry's feedback, it still represents a fundamental change in how the
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Table of Contents for the Digital Edition of BISA Magazine - Quarter 3, 2016
Table of Contents
BISA Magazine - Quarter 3, 2016 - Cover1
BISA Magazine - Quarter 3, 2016 - Cover2
BISA Magazine - Quarter 3, 2016 - Table of Contents
BISA Magazine - Quarter 3, 2016 - 2
BISA Magazine - Quarter 3, 2016 - 3
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BISA Magazine - Quarter 3, 2016 - Cover3
BISA Magazine - Quarter 3, 2016 - Cover4
https://www.nxtbook.com/nxtbooks/bisa/2017q4
https://www.nxtbook.com/nxtbooks/bisa/2017q3
https://www.nxtbook.com/nxtbooks/bisa/2017q2
https://www.nxtbook.com/nxtbooks/bisa/2017q1
https://www.nxtbook.com/nxtbooks/bisa/2016q4
https://www.nxtbook.com/nxtbooks/bisa/2016q3
https://www.nxtbook.com/nxtbooks/bisa/2016q2
https://www.nxtbook.com/nxtbooks/bisa/2016q1
https://www.nxtbook.com/nxtbooks/bisa/2015q4
https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
https://www.nxtbook.com/nxtbooks/bisa/2014q2
https://www.nxtbook.com/nxtbooks/bisa/2014q1
https://www.nxtbookmedia.com