No further details were provided.
The department’s decision affects all advisors nationwide who have been subject to the rule, not just those who work in the area of the country that the appeals court has jurisdiction over — Texas, Mississippi and Louisiana.
Last June, some provisions went into effect, requiring advisors to provide advice that aligns with clients’ best interests, charge reasonable compensation and not make misleading statements.
The remaining provisions set to take effect July 1, 2019 — the result of repeated delays after President Donald Trump took office — articulate what advisors must do to meet those requirements.
For instance, it would require those earning commissions on investments in retirement accounts to sign a legally binding agreement putting their clients’ interests ahead of their own, and to provide other disclosures related to fees, services and conflicts of interest.