Court Strikes Down DOL Fiduciary Rule
We were very pleased to see the decision in the 5th Circuit Court of Appeals late last week finding in our favor in our challenge to the Department of Labor’s Fiduciary Rule. We continue to review this opinion and await the procedural steps that must still occur before the opinion is fully valid. This includes a 45-day window of time during which the Department of Justice may seek a rehearing of the 5th Circuit’s decision. Once this window of time has passed without a petition from the Department of Justice, the 5th Circuit will issue a mandate which brings its opinion into full effect. As the Fiduciary Rule is still not technically vacated until this mandate issues, we recommend that you continue to comply with the Fiduciary Rule, including the Impartial Conduct Standards. As soon as we have more information, we will be sure to share it with you.
Thank you for your continued partnership and for your business.
President, Sammons Independent Annuity Group