06.17.19
Trade Groups Press New Jersey to Embrace SEC's Reg BI, Drop Fiduciary Plan
by: Melanie Waddell
Trade groups are urging the New Jersey Bureau of Securities to embrace the SEC's Regulation Best Interest (Reg BI), 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. 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.” A recent analysis by Groom Law Group said New Jersey's plan “far exceeds” Reg BI as well as the Labor Department's defunct fiduciary rule.
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