News | 04.18.19
New Jersey, Nevada Likely to Pass Fiduciary Rules: Attorney
Nevada and New Jersey both have a "strong desire" to get their fiduciary rules on the books before the Securities and Exchange Commission finalizes its Regulation Best Interest, according to attorney George Michael Gerstein, co-chair of Stradley Ronon’s fiduciary governance group. Unlike the Maryland fiduciary legislation that was killed by the state’s Senate Finance Committee on April 4, New Jersey "doesn’t need votes, per se, just to follow their administrative law in promulgating a regulation and hoping it stands up in court," Gerstein notes. Meanwhile, Nevada’s Legislature passed its own fiduciary statute for securities in 2017, but the law could not be implemented until regulations were put into place. The state issued those proposed regulations on Jan. 18, with a comment period that expired on March 1. Nevada is expected to hold a hearing on its fiduciary plan in the near future and has to provide notice 30 days before the hearing.
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