The U.S. Court of Appeals for the D.C. Circuit on Nov. 14 granted the National Association for Fixed Annuities’ motion to delay the oral arguments in NAFA’s appeal against the Labor Department’s fiduciary rule until a decision is made in the U.S. Court of Appeals for the Fifth Circuit.
That case was brought by the nine plaintiffs in a Texas court against Labor’s fiduciary rule, and includes the Securities Industry and Financial Markets Association, the Financial Services Institute and the U.S. Chamber of Commerce.
Oral arguments in NAFA’s appeal had been scheduled for Dec. 8.
(Related: DOL Ready to Enforce Fiduciary Rule: Acosta )
“Postponing the oral argument date provides some much-needed breathing room to let some of the current unresolved issues related to the fiduciary rule play out,” Chip Anderson, NAFA’s executive director, told ThinkAdvisor.
Anderson listed the publication of Labor’s 18-month delay rule, which is currently awaiting approval by the Office of Management and Budget; the anticipated decision out of the Fifth Circuit in the U.S. Chamber appellate case; as well as the “ongoing review” of the rule by Labor as ordered by President Donald Trump in his Feb. 3 memorandum.
Pam Heinrich, NAFA’s general counsel, added that “Court watchers had anticipated a decision already” in the 5th Circuit Court of Appeals case, given that the oral arguments in that case took place on July 31. “A decision in that circuit could very well effect the issues before the D.C. Circuit.”