The U.S. Department of Labor announced yesterday, April 5, 2017 that it will delay the applicability date of the Fiduciary Rule and related exemptions by 60 days. Under the terms of the extension, advisers to retirement investors will be treated as fiduciaries and have an obligation to give advice that adheres to “impartial conduct standards” beginning on June 9 rather than on April 10, 2017, as originally scheduled.

The announcement follows a Feb. 3, 2017, presidential memorandum which directed the department to examine the Fiduciary Rule to ensure that it does not adversely affect the ability of Americans to gain access to retirement information and financial advice.

Between now and January 1, 2018, when all the exemptions’ conditions are scheduled to become fully applicable, the department intends to complete its review under the presidential memorandum and decide whether to make or propose further changes to the Fiduciary Rule or associated exemptions.