NAFA ALERT — Emergency Motion for Injunction Filed This Week
NAFA’s Press Release Regarding the Motion Filing
WASHINGTON D.C. (December 1, 2016) — On Nov. 29, 2016, NAFA filed an emergency motion for an injunction pending appeal with the U.S. Court of Appeals for the District of Columbia Circuit. That request is now pending before the circuit court. This comes on the heels of District of Columbia federal judge Randolph D. Moss’s Nov. 23 decision to deny NAFA’s motion for an injunction pending appeal to stay the applicability date of the Department of Labor’s new fiduciary rule scheduled to go into effect on April 10, 2017.
Previously, Judge Moss denied NAFA’s initial motion for preliminary injunction and granted summary judgment in favor of the defendant DOL on Nov. 4, at which time NAFA determined it would appeal the decision to the court of appeals. However, the federal rules of appellate procedure require NAFA to first petition the district court for such a stay or injunction pending appeal before asking the circuit court of an injunction pending appeal. Judge Moss denied that request, issuing his decision on Nov. 23, just before the Thanksgiving holiday.
For a detailed summary of NAFA’s efforts to protect the industry against this onerous regulation, view the DOL Fiduciary Duty Rule Timeline on the Advocacy Update page of our website.
NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA’s membership represents every aspect of the fixed annuity marketplace covering 85% of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998. For more information, visit www.nafa.com.