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Alexander Acosta, secretary of labor nominee for President Trump, speaks during confirmation hearing Bloomberg News
R. Alexander Acosta, U.S. secretary of labor nominee for U.S. President Donald Trump, speaks during a Senate Health, Education, Labor and Pensions (HELP) confirmation hearing in Washington, D.C., U.S., on Wednesday, March 22, 2017. Trump tapped Acosta on February 16 to replace his first nominee, CKE Restaurants Inc. CEO Andrew Puzder, who withdrew his nomination amid controversies including his past employment of an undocumented housekeeper, a domestic-abuse accusation in his divorce proceedings and alleged labor law violations at CKE's Hardee's and Carl's Jr. brands. Photographer: Andrew Harrer/Bloomberg
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Applies to IRAs
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Best interest standard starts June 9
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BIC exemption compliance starts January 1
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DoL expects changes by January 1
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Proprietary products with commissions permitted
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Need policies and procedures
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Robo advisors can rely on BIC exemption
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Investment advice narrowly defined
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Can rely on written representations from intermediaries
Department of Labor
DoL will focus on compliance over enforcement