The U.S. Department of Labor (DOL) is delaying its fiduciary rule for 60 days, and inviting further comments on the initiative.

In response to a directive last month from U.S. President Trump, the DOL announced Wednesday that it is proposing to delay implementation of the rule, which requires retirement advice to be in the best interest of investors, among other things.

The applicability dates of the fiduciary rule and related exemptions would be extended from April 10 to June 9.

“The proposed extension is intended to give the department time to collect and consider information related to the issues raised in the memorandum before the rule and exemptions become applicable,” the DOL says in a statement.

The proposed extension is open for comment for 15 days, and comments on the rule itself will be accepted for 45 days.

The Securities Industry and Financial Markets Association (SIFMA), a U.S. industry trade group that opposes the DOL’s rule, applauded the move, saying that it will give the government an opportunity to review the rule’s impact, and give firms more time to adapt.

“Delaying the rule is imperative to avoid further client confusion and market disruption, as firms approach the drop-dead date to notify tens of millions of customers of service changes to their accounts because of the rule, ultimately making retirement savings more difficult for many investors,” says Kenneth Bentsen, Jr., SIFMA president and CEO, in a statement.

“SIFMA has long-supported a best interest standard for brokers who provide personalized investment advice, but the DOL was not the right agency and its flawed rule was not the right approach,” he adds. “We will continue to advocate for a best interest standard, created by the SEC, that protects all retail investors, while preserving choice and advice without raising costs.”