New fiduciary rules, more lawsuits coming?
May 8, 2019 by Andrew Welsch
Beaten back at the federal level, fiduciary rules are set to make a comeback in some states — but not without a fight there, too.
Nevada and New Jersey are moving forward with their regulatory proposals, though a legislative effort in Maryland stalled. New Jersey’s Bureau of Securities is holding a comment period before finalizing its proposed fiduciary duty, but Wall Street lobbying groups and firms are likely to redouble their efforts to change the rule or halt it altogether, as they have with other fiduciary regulations.
“I would be shocked if we did not see significant attempts to prevent the regulation going into effect. Will that be effective? We don’t know,” says Laura Posner, a partner at law firm Cohen Milstein and a former bureau chief for the New Jersey Bureau of Securities.
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