The election of Donald J. Trump coupled with Republicans retaining control of Congress could have profound impacts on financial services regulation, including the fiduciary regulation and related prohibited transaction exemptions (the Rule) adopted by the US Department of Labor earlier this year. Now, many financial services firms are asking whether they still need to operate on the basis of the Rule’s applicability date being April 10, 2017. Although there is no clear answer at this time, a team of Morgan Lewis lawyers has developed a series of questions and answers to help clients understand the various possibilities and issues related to the future of the Rule.