Trade Groups Press New Jersey to Embrace SEC’s Reg BI, Drop Fiduciary Plan
June 17, 2019 by Melanie Waddell
With a final Regulation Best Interest in hand, trade groups are urging the New Jersey Bureau of Securities to embrace the Securities and Exchange Commission’s federal standard, so as not to create a patchwork of state rules.
New Jersey stops taking comments on its uniform fiduciary standard for broker-dealers and investment advisors Friday. On April 15, the state proposed its rule, which would require all investment professionals registered with the state’s Bureau of Securities to place the interests of their clients above their own when recommending securities or providing investment advice.
The bureau has stated that the purpose of its proposal is to “establish a uniform standard for financial professionals and rectify investor confusion that results from the lack of uniformity.”
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