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Labor Department's fiduciary rule scheduled for June 9 implementation

The U.S. Department of Labor postponed the Conflict of Interest Final Rule's applicability date to June 9 from April 10. The extension also covers exemptions, including the Best Interest Contract Exemption.

All the exemptions' conditions become fully applicable on Jan. 1, 2018. Until then, the Labor Department will continue to evaluate the need for more amendments.

Under the Conflict of Interest Final Rule, commonly known as the fiduciary rule, advisers to retirement investors must adhere to the fiduciary standard. That standard forces them to prove that recommendations are in their clients' best interest, as opposed to possibly being more lucrative in terms of commissions.