Regulatory relief

The firm is one of the first to issue a formal comment letter on the Department of Labor's proposal to put off the regulation's implementation date.

"The number of enforcement cases is likely to be down considerably going forward," said Urska Velikonja, a law professor at Emory University.

Hope is dimming, but top Democrats like Sen. Elizabeth Warren and investor advocates are unlikely to relent in their efforts to preserve the regulation.

"To me, that rule, it was about one thing and it was about enabling trial lawyers to increase profits,” acting Chairman Michael Piwowar says.

The department says it needs time to complete a review of the regulation ordered by President Trump, who also recently outlined criteria for reversing the rule.

The move is additional fallout from the president's memo to the Department of Labor to review the regulation and possibly rescind it.

Here’s what the president’s actions mean for advisers and firms.

"My expectation is that a lot of firms are going to continue installing a best-interest standard, regardless," said Brian Graff, CEO of the American Retirement Association.

President Trump’s order sparked reactions all over his preferred social media platform.

While a review will be undertaken by the Labor Department, the White House signaled that the president was expecting significant change.

There's a better way to craft a standard that would protect investors and preserve client choice.

Jay Clayton represented the bank in connection with the $10 billion bailout it received in 2008 as part of the government’s $700 billion rescue of banks during the financial crisis.

The regulator is concerned that Wells Fargo did not follow proper procedures in notifying former reps of their U5 filings and that the information contained in them was not correct.

The industry trade group is also calling on regulators to harmonize existing rules.

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