The business groups that have been protesting the Department of Labor's fiduciary regulation appear to have scored a victory, with the agency signaling on Wednesday that it will push back the implementation date of the second phase of the rule by 18 months.
In a filing in a federal court in Minnesota, the DoL said that it is seeking a delay of the best interest contract exemption – a centerpiece of industry opposition to the rule – and two other prohibited transaction exemptions.
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