(Washington)

In what arrives as fairly shocking and quite alarming news, the DOL rule is coming back. After being effectively killed seven months ago, the DOL rule had all but disappeared. However, in an unpredictable turn of events, the DOL has announced it is working on a new version of the rule that will be debuted in 2019. The DOL released in its fall agenda that is was working on an updated rule in light of the 5th circuit court’s ruling, and that this would be debuted in Fall 2019. One prominent industry lawyer comments that “With both DOL and the SEC working on investor protection rules (and with both agencies targeting the same deadline), this hints that the two agencies may be working together to develop coordinated rules to protect American savers”.

FINSUM: A new DOL rule? Just when everyone thought we were past it! We expect this will be a toned down rule compared to the first version, however.