The DOL looks to have a strong opportunity to delay the fiduciary rule before implementation. A former SEC member has just written an Op-Ed piece explaining why. He argues that DOL head Acosta’s argument that there was no legitimate legal recourse to delaying the rule further was completely wrong. The core contention of the piece is that since the SEC has announced its intention to move into the fiduciary rule, it would warrant a delay of implementation on the basis of collaboration with the agency that should be in charge of regulating the space. Furthermore, the DOL has been shown to have deliberately blocked the SEC’s involvement in the area, and there are several court cases regarding whether the DOL broke rules with its actions. In such cases, the Administrative Procedures Act allows agencies to delay the implementation of rules if they are under judicial review.
FINSUM: The case for delay presented here looks incredibly thorough. That leads to a question: is Acosta secretly a fiduciary rule proponent, or is the DOL just unaware of the options available to it? Time is running out to delay the rule.