FYI: Earlier last week, a last-ditch effort to save the Department of Labor’s proposed “fiduciary rule” failed.
A three-judge panel from the Fifth Circuit Court of Appeals—the same three judges who vacated the Obama-era rule in March—struck down motions from AARP and the states of Oregon and California, which were seeking standing as defendants in the case.
The DOL has 90 days to ask the U.S. Supreme Court to review this ruling, but this seems unlikely. For the near future, the much-anticipated DOL rule is dead.
Regards,
Ted
http://www.etf.com/sections/etf-strategist-corner/etfs-can-fill-fiduciary-rule-void
