Is There Anything Left of the Fiduciary Rule?

The issue over the Fiduciary Rule, and whether it will be implemented, revised, vacated, forgotten, etc. has been ongoing. In March 2018, the Fifth Circuit Court of Appeals ruled in favor of several business groups who challenged the Fiduciary Rule. See (

Specifically, the business groups challenged the Rule on multiple grounds, including:

(a) the Rule's inconsistency with the governing statutes,

(b) DOL's overreaching to regulate services and providers beyond its authority,

(c) DOL's imposition of legally unauthorized contract terms to enforce the new regulations,

(d) First Amendment violations, and

(e) the Rule's arbitrary and capricious treatment of variable and fixed indexed annuities.

The Fifth Circuit found merit to the objection and vacated the Rule. Notwithstanding the ruling, the rule was not technically invalidated. On June 21, 2018, the Fifth Circuit issued a mandate, making the March ruling effective.

Is this really the end?

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