Key takeaways

• The President has directed the Department of Labor to further review the Department’s controversial ERISA fiduciary rule.  The Department has announced that it will engage in this review but has not yet delayed the rule’s current April 2017 effective date.
• While it is possible that this additional review will lead to the rule being scaled back in some manner, perhaps quite significantly, it would be prudent for our private equity and hedge fund clients to continue to formulate their compliance strategies until the regulatory landscape becomes clearer.