White House 覚え書き 混乱させるs 塀で囲む Street on 運命／宿命 of fiduciary 支配する
By Sarah N. Lynch and Elizabeth Dilts
WASHINGTON/NEW YORK, Feb 7 (Reuters) - 相反する 調印するs from the White House have left 仲買業 会社／堅いs and lobbyists 自信のない whether a 議論の的になる 支配する 治める／統治するing 退職 advice will ever be put in place, but they are taking no chances and 従うing anyway.
大統領 Donald Trump's Friday memorandum ordered the Labor Department to review the いわゆる "fiduciary" 支配する, which 要求するs 仲買人s to put their （弁護士の）依頼人s' 利益／興味s first when advising them about 401(k) 計画（する）s or individual 退職 accounts.
But that call for a review was 意味ありげに 女性 than an earlier 草案, seen by Reuters, that requested a 180-day 延期する in the scheduled April 10 効果的な date of the 支配する, which is already on the 調書をとる／予約するs.
Trump's 覚え書き did not go as far as White House 早期に 指導／手引 to reporters that the 覚え書き would ask the department to "defer 実施" of the 支配する.
It is not （疑いを）晴らす to Washington insiders just how quickly or easily the Labor Department can 延期する 実施 of the 支配する.
And while most 推定する／予想する there will 結局 be a 延期する, it still is not （疑いを）晴らす to 塀で囲む Streeters who have already started changing their 商売／仕事 models whether they can count on a deferral or 逆転 of the 規則.
“There’s 混乱 because it 注入するd a whole lot more noise into the system with very littl e specificity about what is to come,” said Michael Spellacy, the 長，率いる of PWC's wealth 管理／経営 consultancy, who said he spent most of his 週末 on the phone with the 長，率いるs of 35 U.S. 仲買業s they are advising discussing the 覚え書き and its 関わりあい／含蓄s.
合法的な 専門家s say the Labor Department likely will have to 請け負う a formal rulemaking 過程 ーするために 延期する the 支配する's 実施 - a 過程 that cannot happen 夜通し, and that may be その上の 延期するd by the 欠如（する） of a 永久の Labor 長官.
Trump's choice to be Labor 長官, Andrew Puzder, has seen his own 確定／確認 無期限に／不明確に 延期するd in the 上院 まっただ中に 延期するs with his 倫理学 paperwork.
One other possible wrinkle that could 衝撃 the 支配する's 実施, 一方／合間, is a 未解決の 合法的な challenge in a 連邦の 法廷，裁判所 in Texas.
Last week, the 裁判官 said she 計画（する）s to 支配する no later than Feb. 10.
The fiduciary 支配する is separate from the banking 支配するs that were put in place after the 2008 財政上の 危機. Trump has also ordered a review of the 2010 Dodd-Frank 改革（する）.
EXPECTING A DELAY, BUT COMPLYING ANYWAY
In the 合間, lawyers are advising their 財政上の services （弁護士の）依頼人s to continue 準備するing for the 近づいている 最終期限.
"What is （疑いを）晴らす from the 覚え書き is that we don't have certainty yet," said Michael Kreps, an 弁護士／代理人／検事 with the Groom 法律 Group.
The White House did not explain why it 規模d 支援する its 覚え書き, but 合法的な 専門家s say it was most likely changed because the 事前の 見解／翻訳／版 may have 侵害する／違反するd the 行政の 手続きs 行為／法令／行動する - a 連邦の 法律 that 治める／統治するs the rulemaking 過程.
That 法律 要求するs public notice and a comment period before changes to a 支配する can be made.
Had Trump proceeded with the 初めの 計画（する） for a 180-day 延期する, the change could have been 攻撃を受けやすい to 合法的な challenges.
合法的な 専門家s say the Labor Department has a few possible 選択s.
It can 問題／発行する what is known as an "暫定的な final 支配する," which would すぐに 延期する the 効果的な date while 捜し出すing comments from the public on why a 延期する is 正当化するd.
Or, it can 問題／発行する a 提案するd rulemaking to 延期する the 支配する's 同意／服従 最終期限, give the public 30 days to comment, and then 問題／発行する a final 支配する. A Labor Department spokeswoman 繰り返し言うd on Monday that the department is reviewing its 合法的な 選択s to 延期する the 支配する, but 拒絶する／低下するd to (a)手の込んだ／(v)詳述する.
Kenneth Laverriere, an 弁護士／代理人／検事 at Shearman & 英貨の／純銀の, said he fully 推定する／予想するs the 支配する to be 延期するd 結局, though it will come after companies have already spent a lot of money to 従う.
Three of the biggest U.S. 仲買業s, Bank of America Corp’s Merrill Lynch, Morgan Stanley and 井戸／弁護士席s Fargo 助言者s, said Friday’s 覚え書き will not change 同意／服従 計画（する）s the 会社／堅いs already have in place.
Of those, Bank of America ーするつもりであるs to 可決する・採択する the most 積極的な changes with its 計画（する）s to 捨てる selling 仲買業 アイルランド共和国軍 accounts starting in April.
"The genie is certainly out of the 瓶／封じ込める," Laverriere said. (報告（する）／憶測ing by Sarah N. Lynch in Washington and Elizabeth Dilts in New York; 付加 報告（する）／憶測ing by Ayesha Rascoe in Washington; Editing by Linda 厳しい and Lisa Shumaker)
